A consortium of Indian-based banking firms, including State Bank of India, ICICI Bank and DCB Bank, has formally selected Microsoft Azure as its exclusive partner in the cloud.
As part of this partnership, the 20 members of the BankChain consortium, which was made public with its R & D efforts last month, will use Microsoft's Azure chain to house nodes that will relay transactions in their distributed accounting systems.
According to a press release, the first active project to use Azure will be Primechain-KYC, a closed, authorized chain built by Mumbai-based Primechain Technologies. The tool seeks to help clients share KYC information, anti-money laundering and anti-terrorist financing information.
Since adding blockchain to its Azure cloud computing platform in October 2015, Microsoft has added a steady stream of partners, including JP Morgan, Emercoin and Bitshares, to its BaaS - a product called a Type Of "sandbox" where partners can interact with different technologies in a low risk environment.
As such, the association claims how to bring blockchain to banking, financial services and the insurance industry has been a focus for Microsoft.
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