When corporations score the appeal of specific groups of people, revenue can flow in like a river. However, secure an entire country, and the revenue flood gates open up in their favor. Microsoft Corporation (“NASDAQ”:“MSFT”) has has more or less done this in India. In a massive endorsement by the country’s financial sector, three major Indian banks now officially hold Microsoft (MSFT) Azure as their sole cloud partner.
It is an enormous hint at the trust and security offered by Microsoft’s intelligent cloud. DCB Bank, State Bank of India and ICICI Bank all formally use Azure for their cloud-related needs. This venture extends to all 20 members of India’s BankChain too. The consortium made its R&D projects public in May and now Azure blockchains oversees the transaction nodes of their distributed ledger systems.
Kicking things of is Primechain-KYC, which will be the first BankChain member to utilize MSFT Azure. Primechain-KYC is a closed, regulated blockchain. It is built by Primechain Technologies — another Indian company based in Mumbai. KYC stands for “know your customer” and, as such, Primechain-KYC aims to assist clients in knowing exactly with whom they are dealing.
Primechain goes against the anonymous narrative so common with blockchain transactions. It also holds a stake in limiting the often unintentional funding of illegal activities. This includes acts like terrorist funding and money laundering.
Massive endorsement for Microsoft Corporation (MSFT) Azure blockchain
Many important and global financial players have been added to Azure since Microsoft Corporation equipped the platform with blockchain. This was done two years ago and the likes of JP Morgan, Bitshares and Emercoin now use the companies blockchain IaaS. This platform can perhaps best be described as a sandbox. It allows partners to interact with a wide range of different technologies with very little risk.
Microsoft Corporation has a lot to be proud of with this latest endorsement from India’s financial sector. The venture also hints at the growing acceptance of blockchain transactions in the country too. News suggests that the next few months will see the currencies like Bitcoin make their way into the country. Procuring the services of Microsoft’s blockchain could mean banks are preparing for the incoming change in market terrain too.