NEW YORK: Microsoft announces partnership with R3, a provider of financial services and solutions, to Speed up the adoption of distributed ledger technology for the financial services industry otherwise known as Blockchain by R3 member banks and global financial markets. R3 is an international consortium of 43 financial institutions.
Distributed ledger technologies enable enterprises and business network participants to complete transactions quicker, more securely and transparently and with lower costs. R3 also named Microsoft Azure the preferred cloud services provider for its R3 Lab and Research Center.
Blockchain, is the public ledger of all Bitcoin transactions. It is a transparent and tamper-resistant way of transacting business. FinTech (financial technology) companies and startups are adopting to blockchain as a means to build efficient next-generation banking, payment and trading systems.
Microsoft will provide its cloud-based tools, services and infrastructure as well as its dedicated technical architects, project managers, lab assistants and support services to the R3 lab locations.
Microsoft made an early entrance into the cloud-powered blockchain technology market by debuting with its Azure blockchain-as-a-service offering. Since then, the company has gathered supporters and blockchain application makers, including BitShares, Lisk and Slock.it.
“The partnership between Microsoft and R3 will scale the use of distributed ledger technology in a way that will change the entire financial services industry,” says David Rutter, CEO of R3. “The Azure platform and intelligent cloud services bring advanced capabilities to this budding financial ecosystem, and the commitment by Microsoft will accelerate the adoption of distributed ledger technology around the globe and take our R3 Lab and Research Center offering to a new level of capability.”