[2016-04-05] Mint: Microsoft strikes partnership with banks on blockchain tech

Microsoft strikes partnership with banks on blockchain technology

http://www.livemint.com/Companies/Hc9JwgOjBSZE7j7hdhNRRP/Microsoft-strikes-partnership-with-banks-on-blockchain-techn.html

Microsoft Inc. has pulled ahead of Alphabet Inc.’s Google, International Business Machines Corp., and Amazon.com Inc. in the race for supremacy in operating other companies’ blockchains.

Microsoft and R3, a consortium of 43 financial institutions, have formed a strategic partnership to accelerate the use of the blockchain technologies. Microsoft chief executive officer Satya Nadella announced the deal at the company’s Envision conference on Monday.

Blockchains—basically online ledgers for recording transactions—first gained popularity with the digital currency bitcoin. But now financial institutions are experimenting with them as well to run their businesses more efficiently.