BankChain - the biggest blockchain conglomerate in India—has announced of their collaboration with Microsoft, a partnership that will see to it that t
BankChain – the biggest blockchain conglomerate in India—has announced of their collaboration with Microsoft, a partnership that will see to it that the biggest banks in India start using and sharing Microsoft’s blockchain, Azure.
Built as a platform that the Indian Banks will be using to both explore and put into action some of the blockchain solutions, the consortium has grown to include 20 banking companies including the State bank of India, DCB bank, Bank of Baroda, and Deutsche bank to name a few. The driving force behind this consortium is a blockchain startup going by the name Primechain Technologies, a company that will closely be working with Microsoft to globally stretch out the use of blockchain.
The first project to have come out as a result of the partnership is Primechain-KYC, a recently launched permission-based blockchain that will be lumping together shared KYC (Know Your Customer), AML (Anti Money Laundering) and CFT (Countering the Financing of Terrorism).
The collaboration will also enable SBI’s Collaborative Innovation Centre (CIC) and all the banks involved to test and validate different kinds of blockchain pilots on Azure Cloud nodes.
As stated by Prasanna Lohar, the innovation head of DCB—one of the consortium’s member bank, Microsoft partnership will also be fostering blockchain transformation such that it will start addressing some enhancements including interoperability, provision of interface, security, and the integration with other systems.
“The implementation of such an innovative decentralized technology is only the beginning. Blockchain technology has proven to be effective in transforming both the commercial and backend rollouts,” added Shinam Arora, Primechain’s CEO.
If anything, the announcement went on to state how banks can use the technology to improve customer satisfaction, security, transparency, efficiency and minimize fraud. The expertise brought on board by Microsoft will also come in handy in helping banks address some of the challenges they face with regards to cryptocurrency.
The Azure cloud platform was launched in the late 2015, and since then, Microsoft, working alongside IBM, has managed to establish itself as one of the leading blockchain solution specialists worldwide.