Saturday, 21 September 2019

Microsoft, BoA to boost trade finance via ‎Azure Service

Microsoft Corporation and Bank of America, Merrill Lynch have announced a collaboration on blockchain technology.
The movement comes as the software company continues to expand the scope of its ‘Blockchain as a Service’ (BaaS) platform for its Azure clients.

Microsoft and BOA will, according to a press release, build and test technology, create frameworks, and establish best practices for blockchain-powered exchanges between businesses and their customers and banks.

When the service first launched, the original implementation was with Ethereum, facilitated by US-based startup ConsenSys. The goal was to allow Azure clients to easily experiment with new applications such as smart contracts, without them having to build the infrastructure from scratch or require an in-depth knowledge of cryptocurrency. Banks and insurance companies are among the targeted clientele.

As an open and scalable platform, Microsoft Azure claims to support a rapidly growing number of distributed ledger technologies that address specific business and technical requirements for security, performance, and operational processes.

Over the last few years, the company announced that a number of financial institutions have signed up to the Ethereum BaaS.

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