Indian Banks Partner With Microsoft For Blockchain Banking Platform
On June 12, 2017, BankChain, a platform for banks to implement blockchain solutions, announced it has exclusively partnered with Microsoft. As a result, all BankChain consortium members will utilize Microsoft Azure as their cloud partner. As per Peter Gartenberg, General Manager of Microsoft’s Enterprise and Partner Group:
“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.”
Members of the BankChain consortium include a number of high-profile Indian financial institutions, such as the State Bank of India, ICICI Bank, DCB Bank, Kotak Bank, Bank of Baroda, Deutsche Bank, and more.
According to the release, Microsoft will work alongside Primechain Technologies, “to develop various blockchain use cases.” The first project will focus on the development of Primechain-KYC, a permission-based blockchain that incorporates Know Your Customer (KYC), Anti-Money Laundering, and Anti-Terrorism functionality. Shinam Arora, CEO at Primechain Technologies, is optimistic about the collaboration with Microsoft along with the potential of blockchain tech:
“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.”
KYC integration into regional consortium projects seems to be quickly becoming a new trend within the blockchain community. In late May, a multisector consortium of Spanish firms announced the launching of the open-source blockchain platform called Red Lyra. The first project to be deployed on the Lyra Network will focus on the “development of a digital identification system.”