Taiwan will host Asia`s ‘first blockchain consortium’

Taiwan will host Asia`s ‘first blockchain consortium’

Technology company Microsoft has announced that Asia`s “first and most advanced consortium blockchain network” will take place in Taiwan. Microsoft`s

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Technology company Microsoft has announced that Asia`s “first and most advanced consortium blockchain network” will take place in Taiwan. Microsoft`s Azure cloud platform will be used by the new consortium.

The blockchain network was formed by Microsoft, industry company AMIS and the Technology Research Institute of Taiwan (ITRI). Also, a number of regional banks like Ubon Financial, Cathay Financial Holdings, MegaBank, KGT, CTBC Bank and Taishin have participated in the project, according to cryptocoinnews.com.

Blockchain is a catalyst that promotes cross-sector collaboration. At the moment, companies incur high costs when they perform any cross-organization transactions and this can be solved using blockchain technology.”, said Danny Ting, Microsoft national technology officer in Taiwan, in a statement quoted by cryptocoinnews.com.

The consortium hopes to achieve increased efficiency with lower costs and faster settlements in Taiwan, writes cryptocoinnews.com. Some of the new features include two – pay payments and cross – field integration among different industries and community payment apps for the public sector.

FinTech company AMIS will adopt the Azure cloud platform for its blockchain offering. This solution can also be extended to other implementations such as Internet of Things (IoT) to improve business opportunities, said Microsoft`s press release available at news.microsoft.com.

Microsoft Azure offers a trusted cloud environment and provides AMIS with the necessary support in the areas of security, privacy, transparency and compliance. These are key in ensuring a sustainable development of local blockchain technology,”, stated Alex Liu, CEO of AMIS, before news.microsoft.com.

However, it is not the first time Microsoft focuses on the FinTech sector. This December Microsoft has launched Blockchain as a Service (BaaS) in India. The service offered to provide blockchain solutions using Microsoft`s Azure cloud platform, reads on cryptocoinnews.com.

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