Microsoft Launched Its Own Blockchain Service in Partnership With Banking Giant

Microsoft Launched Its Own Blockchain Service in Partnership With Banking Giant

Redmond Company partnered with JP Morgan bank to launch its blockchain service right before Microsoft was to hold annual Build event on May 6. Instead of supporting cryptocurrency transactions, Azure Blockchain Service will let businesses develop their applications on its platform. 

Blockchain service by Microsoft is integrated with Azure Active Directory and an app is built specifically to manage related activities, like adding members, giving them permissions and checking the system on the whole. 

Blockchain network can be created with just a few clicks, and Azure portal’s interface will let cope with Consortium policies, said Mark Russinovich Chief Technology Officer, Microsoft Azure, in a blog post

The initial ledger supported by the blockchain service on Microsoft platform will be the JP Morgan’s Ethereum-based ledger, Quorum. 

The aim of Microsoft’s fully-managed blockchain service is to ease the organizing and maintaining the process of a blockchain network. Before this, command-line tools were needed to host the network. 

"In a rapidly globalizing digital world, business processes touch multiple organizations and great sums are spent managing workflows that cross trust boundaries. As digital transformation expands beyond the walls of one company and into processes shared with suppliers, partners, and customers, the importance of trust grows with it. Microsoft’s goal is to help companies thrive in this new era of secure multi-party computation by delivering open, scalable platforms, and services that any company from game publishers and grain processors, to payments ISVs and global shippers can use to digitally transform the processes they share with others.", explained Russinovich.
IBM and Amazon Web Services (AWS) have already tried their hands at Blockchain-based services. 

Realizing the potential and its importance, many companies are working to adopt the blockchain technology. As it not only benefit cryptocurrency but has many other purposes too.

Digitizing trust: Azure Blockchain Service simplifies blockchain development

Source of the post : https://www.digitalinformationworld.com 

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