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Technology giant Microsoft has announced the formation of what it calls Asia’s “first and most advanced consortium blockchain network”, to use its Azure cloud platform, in Taiwan.
With a focus on the Fintech sector wherein blockchain technology is primed to bring disruption to the banking industry, Microsoft has partnered with industry firm AMIS and the Technology Research Institute of Taiwan (ITRI) to form the new consortium. Additionally, Microsoft has also collaborated with a number of regional banks to push blockchain technology in the Taiwanese financial market. Partner banks include Ubon Financial, Cathay Financial Holdings, MegaBank, KGT, CTBC Bank and Taishin.
The consortium aims to bring increased efficiency with lower costs and faster settlements
in Taiwan. Newly touted features include two-
Danny Ting, Microsoft national technology officer in Taiwan said in statements:
Blockchain is a catalyst that promotes cross-
Microsoft’s new partnerships in Taiwan could help push blockchain adoption in the country.
Leveraging the Azure Platform and Ethereum
Fintech firm AMIS will use the Azure cloud platform to offer and implement its blockchain solutions that can also be leveraged to IoT (Internet of Things) capabilities, the announcement by Microsoft added.
Azure’s compliance with international ISO standards is touted as one of the reasons for AMIS to choose the platform. The interoperable functionality, its scalability and the availability of public, private & hybrid cloud models also makes it the viable platform for AMIS.
The consortium’s first collaborative endeavor will see a pilot blockchain developed
using ITRI’s Taiwan-
The Azure platform has already been put to the test during blockchain pilots, most
notably with R3’s inter-
Microsoft’s latest Fintech announcement in Asia comes within days after announcing the launch of its Blockchain as a Service (BaaS) offering on its Azure platform in India.