While talking about Bitcoin or Blockchain, a lot of things that divert our mind to business. Microsoft, One of the popular tech company joined with ConsenSys (Brooklyn startup) to build a Bitcoin similar platform. According to the Reuters reports, ConsenSys corporation with holds every skill to support Microsoft.
I’m sure, these financial institutions that come under Bitcoin are going to handle by ConsenSys. The main thing in Bitcoin is ledger accounts of every Bitcoin transaction. Microsoft, it’s a right time to join in the new venture. At a glance, the interest rate graph shows up in the Bitcoin that results to improve efficiency and decrease costs.
In an interview, Marley Gray (director of tech strategy) says,
“their customers expressed interest in blockchain technology, but that it was hard and expensive to get started. Microsoft said that four global financial institutions have already signed on”.
Brooklyn-based startup, ConsenSys are famous for developing a Blockchain software and tools. Since it is a cloud based technology, the Blockchain is also a part of an open source network called Ethereum. ConsenSys has got full access to Microsoft template to develop a “Smart contracts”, which can be also known as a private blockchain. Hereafter, they are authorized to create their own systems.
Gray says, “the partnership agreement process could take 20 minutes”.
Banks and insurance companies, who are already a part of a Microsoft Azure platform can now join hands in the new venture. So far, there are four largest global institutions in the new platform. As windows OS demand decreases, the company started to focus on cloud based technology. If you go through last month sale reports, Microsoft had a slight increase in the cloud based business.