Microsoft Wants to Bring Bitcoin to Financial Institutions
Bengaluru, India | Red Newswire | Nov 12, 2015 Last Updated at 10:55 AM IST.
Microsoft is thinking of going big on the Bitcoin and has decided to partner with ConsenSys to bring Bitcoin to financial institutions. ConsenSys is a startup based in Brooklyn and specializing in blockchain. For those of you who don’t know what blockchain is, it is the technology that powers the Bitcoin concept. It can be thought of as a big decentralized ledger that anonymously registers every transaction that takes place. Blockchain is public, which means it cannot be tampered and thus is ideal for financial institutions.
Other data exchanges can also be underpinned by the blockchain and we hear that some companies are developing personal versions of it that would provide many other features. Microsoft plans to combine its Azure cloud platform with ConsenSys’s technology. Microsoft is lending Bitcoin the credibility to make it acceptable by big companies and other financial institutions. According to Microsoft, 4 financial institutions are already in for this. What might seem like a random move actually falls under Microsoft CEO Satya Nadella’s focus on providing more cloud – based services. The company has recorded a growth of 8% in its cloud business.