A group of India-based banking companies including State Bank of India, ICICI Bank and DCB Bank has opted for Microsoft Azure as their cloud blockchain provider.
All 20 members of the BankChain consortium, which completed its KYC, AML/CTF platform testing in May 2016, will use Microsoft’s Azure blockchain to host the nodes for transactions on their distributed ledger systems.
India-based Primechain Technologies will build the first project to use Azure, which will consist of a closed, permissioned blockchain. The tool will allow clients to share know-your-customer (KYC), anti-money laundering and counter-terrorist financing data.
Several new financial and fintech entities, including JP Morgan, Emercoin and Bitshares have been added to Micrososft’s Azure cloud computing platform. The companies will use the new available blockchain technology as a ‘sandbox’ development environment where partners can interact and experiment with different technologies.