Microsoft launches cloud-based blockchain platform with Brooklyn start-up

London (Reuters) - Microsoft launched a cloud-based block chain platform on Tuesday with Brooklyn-based start-up ConsensYs, which allows financial ...


Microsoft launches cloud-based blockchain platform with Brooklyn start-up

London (Reuters) – Microsoft launched a cloud-based block chain platform on Tuesday with Brooklyn-based start-up ConsensYs, which allows financial institutions to easily and cheaply experiment with the technology underlying Bitcoin.

The block chain functions as a large, decentralized ledger of every Bitcoin transaction, which is verified and shared through a global computer network and therefore is virtually toddler vrye.

The financial sector continues to invest in technology deployment will reduce the cost and increase efficiency

Block Chain technology is not limited to Bitcoin -. It can be used to secure and ratify the exchange of data. And other companies are now building their own block chains which provide additional functionality to the original Bitcoin one.

One such company is Ethereum, which has built a fully programmable block chain. Technology giant Microsoft is to use it for the block chain platform launched on Tuesday.

The platform will be available to banks and insurance companies that are already using cloud-based blue platform from Microsoft. Microsoft said four major international financial institutions have already signed up for the service.

“Working with our customers who wanted to start dabbling with block chain technology, the major sore point that we kept hearing from them was that it was just too hard to start, and too expensive,” director of Microsoft technology strategy for financial services, Marley Gray, told Reuters on the sidelines of Ethereum se “Devcon” conference in London.

Gray describes the platform as providing a “failed fast, not cheap” model for companies: they can experiment with the cloud-based technology using templates provided by Microsoft without having to build their own systems

Gray said the technology would companies to their own private block chains, or so-called “smart contracts” to carry out the terms of an agreement automatically, in 20 minutes, even with no prior experience creating.

The Seattle-based company, under Chief Executive Satya Nadella, is the shift of focus to cloud services such as slow demand for the Windows operating system. Last month it was reported an 8 percent increase in its cloud business for the first quarter.

“We bet the whole place on the cloud, pretty much,” says Gray.

(Editing by Catherine Evans)

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