BankChain selects Microsoft Azure as exclusive Cloud partner

New Delhi June 12 (IANS) BankChain a platform for banks in India to explore build and implement blockchain solutions on Monday announced to select Microsoft Azure platform as its exclusive Cloud partner.

As 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.

Blockchain is a data structure used to create a digital transaction ledger which instead of resting with a single provider is shared among a distributed network of computers.

Blockchain is one of the most exciting innovations in the Banking Financial services and Insurance (BFSI)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 in a statement.

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 technology can help banks improve customer satisfaction minimise fraud and maximise efficiency security and transparency added Shinam Arora CEO Primechain Technologies.

--IANS
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