[2015-11-11]Microsoft wants to bring Bitcoin to financial institutions

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Microsoft is partnering with ConsenSys, a Brooklyn-based startup that specialises in blockchain, to bring bitcoin and its associated technology to financial institutions, Reuters reports.

Blockchain, the technology that underpins bitcoin, is essentially a vast, decentralised ledger that registers every transaction anonymously. As the ledger is public, blockchain is virtually tamperproof, making it ideal for financial clients.

Blockchain could also underpin other data exchanges, and some companies are building personal blockchains that extend the functionality beyond bitcoin.

By combining ConsenSys' technology with its own cloud platform, Azure, Microsoft is lending the technology the credibility it needs to be used by financial and other big companies. Four large financial corporations are already on board, according to Microsoft.

The move may seem random but falls into CEO Satya Nadella's larger focus on cloud-based services that take Microsoft to the user, rather than bringing the user to Microsoft. The company saw 8% growth in its cloud business last quarter.


http://www.itproportal.com/2015/11/11/microsoft-wants-to-bring-bitcoin-to-financial-institutions/
http://www.businessinsider.com/microsoft-goes-big-on-bitcoin-2015-11?IR=T&

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Soon, banks and insurance companies that are now using the cloud-based Azure platform of Microsoft will be able to take advantage of a new cloud-based blockchain platform that the company launches.

Microsoft has partnered with start-up firm ConsenSys in a move to launch a fully programmable blockchain platform that will allow financial industries to use it as a huge, decentralized ledger of each transaction that uses bitcoin.

While the technology is still in a nascent phase, more financial industry is getting interested in blockchain, believing that it has the potential to reduce costs and enhance efficiency.

"Microsoft and ConsenSys are partnering to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud based blockchain developer environment," said Marley Gray, Director at Technology Strategy US Financial Services. "Ethereum is real and has a vibrant community of developers, enthusiasts and businesses participating."



http://www.techtimes.com/articles/105496/20151111/microsoft-partners-with-consensys-to-launch-bitcoin-style-platform.htm

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Microsoft launches cloudy bitcoin experiment
Microsoft has launched a cloud-based blockchain platform on which will allow financial institutions to experiment cheaply and easily with bitcoin.

Vole has teamed up with ConsensYs to create a huge, decentralized ledger of every bitcoin transaction, which is verified and shared by a global computer network. It is supposed to be virtually tamper-proof.

Blockchain technology is not limited to bitcoin and can be used to secure and validate the exchange of any data. Others are building blockchains to provide additional features to the bitcoin. Vole is using one of them, called Ethereum, as its blockchain platform.


http://www.techeye.net/business/microsoft-launches-cloudy-bitcoin-experiment