Indian Banks Have Partnered Up With Microsoft for a Blockchain-based Platform

By Daniel Zo Blockchain, Microsoft

During the last couple of months, numerous advancements have been made in terms of blockchain technology, and this is quite understandable given its rising popularity. Not long ago, a platform known by the name of BankChain, which is basically meant to help banks implement blockchain-based solutions, has announced that they have partnered up with Microsoft.

Thanks to this partnership, the members of the BankChain consortium will now be able to use Microsoft Azure as their main cloud partner. In a recent press statement, the general manager of Microsoft’s Partner and Enterprise Group mentioned that: “The partnership with BankChain underscores our commitment to enable the digital transformation of the BFSI [banking, financial services, and insurance] sector in India. Blockchain is one of the most exciting innovations in this sector and we at Microsoft are leading this trend by offering the best-in-class Azure Blockchain offering. We look forward to working with stakeholders like Primechain to make this partnership a success.”

Microsoft

To put things a bit better into perspective, it is worth noting the fact that members associated with the BankChain consortium also include important financial institutions from India, such as the ICICI Bank, the State Bank of India, Kotak Bank, DCB Bank, Deutsche Bank and more.

Thanks to this partnership, the two providers will work with one another to help provide better solutions for blockchain implementations, meant for the institutions that are a part of this consortium. In the long run, this could improve the services being offered by banks, but also have an important, positive impact, in India, where most of the population uses cash only, and is considered as unbanked.

Some of the main benefits that users can expect include, as quoted by the CEO of Primechain Technologies: “Blockchain technology can help banks improve customer satisfaction, minimize fraud, and maximize efficiency, security, and transparency. We are excited to collaborate with Microsoft and bring in their expertise and globally-trusted solutions to help the banks address these challenges take the next quantum leap.”

Based on everything that has been outlined so far, what do you personally think about the growing number of partnerships that are forming up in the blockchain and banking industries? Will banks finally start physically offering these services, and exit the project and beta-testing phases? Let us know your thoughts in the comment section below.