BankChain Selects Microsoft Azure As Exclusive Cloud Partner
BankChain, a platform for banks in India to explore, build, and implement blockchain solutions, has selected Microsoft Azure as their exclusive cloud partner. As a part of this partnership, the 20 BankChain members that include State Bank of India (SBI), ICICI Bank, DCB Bank, Kotak Bank, Bank of Baroda, Deutsche Bank, and others, will use Microsoft Azure Blockchain as the underlying blockchain platform.
Microsoft will work closely with Primechain Technologies, the driving force behind the BankChain consortium, to develop various blockchain use cases. The first active project is Primechain-KYC, a permission based blockchain for integrated and shared Know Your Customer (KYC), Anti Money Laundering, and Countering the Financing of Terrorism.
Blockchain is a vast, global distributed ledger or database running on millions of devices and open to anyone, where not just information but anything of value –like money and units of energy - can be moved and stored securely and privately peer to peer, and where trust is established, not by powerful intermediaries like banks, governments and technology companies, but rather through mass collaboration and clever code.
“Blockchain is one of the most exciting innovations in this sector and we at Microsoft are leading this trend by offering the best-in-class Azure Blockchain offering.” said, Peter Gartenberg, General Manager, Enterprise and Partner Group, Microsoft.
SBI’s Collaborative Innovation Centre (CIC) along with other banks in BankChain will start testing and validating various Primechain Blockchain Pilots on Microsoft Azure Cloud nodes.
“Blockchain technology can help banks improve customer satisfaction, minimize fraud, and maximize efficiency, security, and transparency,” said Shinam Arora, CEO, Primechain Technologies.
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