Microsoft has updated information on its Ethereum Blockchain as a Service, launched on its Azure platform last month. In a new blog post, Marley Gray, director of technology Strategy for Microsoft US Financial Services, provided details on the development of its blockchain-based development tools, saying the company received only positive feedback from its clients.
As Gray noted, the company is now investigating the Ripple’s protocol for Interledger payments and how it can be integrated by the Azure enterprise. “Azure BaaS is currently operating a Ripple validating node for the benefit of Ripple’s bank users, providing a valuable stakeholder to the consensus network,” Gray stated.
“We’re exploring how the Interledger Protocol can be used by the Azure enterprise and developer community to enable new and novel use cases within Microsoft’s Blockchain as a Service offering.”
The Interledger protocol was developed to allow transfers between different ledgers. The protocol connects blockchain with conventional payment systems through special connectors offering high level of security due to the use of cryptographic escrow.
Ripple, which owns offices in New York, Sydney and San Francisco, develops financial solutions that let banks conduct international transactions instantly and at a lower cost. As the company’s website reads, it is committed “to enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV).”
Microsoft first launched its Ethereum Blockchain as a Service at a DEVCON1 conference in November. The service was designed for financial organizations, including insurance companies and banks, that could leverage the benefits offered by the blockchain technology.
Developed in partnership with ConsenSys, a blockchain venture production company, the offering allows developers build applications running on blockchain networks.
“Providing a Blockchain platform in Azure is tremendously valuable for customers who are innovating with different Blockchain technologies and greatly appreciate a “fail fast and cheap” ecosystem to mix and match technologies in a Dev-Test sandbox. Customers evaluate different implementations, performance test and build prototypes much faster with Azure’s one-click deployment of Blockchain technology approach,” Gray also said in a blog post.
In addition to the current two packaged offerings, Gray said that Microsoft plans to enlarge its offerings by adding “several packages” that are in the pipeline now.
A few weeks ago, the blockchain-based peer-to-peer platform Rootstock unveiled its plans to bring micro lending services to the world unbanked. Under the company’s project, it will combine Ethereum system with bitcoin with the use of the sidechain technology. Rootstock will work with The World Bank and other banks in Latin America to deliver financial services.