Microsoft and Bank of America Merrill Lynch announced that they are coming together to make financial transactions more efficient with blockchain technology the foundation of bitcoin digital currency.
The companies said they will develop and test frameworks for blockchain-powered exchanges between businesses and their customers and banks.
Blockchains are registers in which entries are time-stamped and linked to previous “blocks” in a data chain. They serve as public ledgers and hence are easy to audit and verify. They said to be capable of speeding up transactions and limiting potential for error or revision.
Microsoft Azure Blockchain was introduced late last year, with an ability to operate on a global scale, high-grade security, and regulatory compliance.
More than 80 % of the world’s largest banks are Azure customers, according to US-based Microsoft.