Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Microsoft and R3 Blockchain Consortium strengthen their partnership for deeper integration between cloud-platform Azure and Corda platform making it easy for businesses to develop their infrastructure on blockchain network.
The blockchain technology has opened up new frontiers and offers a transparent and secure way to track the ownership of all the digital assets.
Computing giant – Microsoft – is one of the active participants in this technology and has rolled-out several interesting projects and initiatives to develop real-life practical solutions using blockchain.
Earlier this year in August, Microsoft announced its open-source blockchain framework named ‘Coco’ to deal with throughput, latency, governance and confidentiality issues and will be compatible across all ledgers.
Microsoft also shares a very cordial relationship with the R3 Blockchain Consortium which started in April 2016 last year and they wish to take in even further.
In an official announcement through its blog, R3 writes: “Having worked together since April 2016, the partnership will now offer deeper integration of the Corda platform with Azure making it easier for businesses to deploy underlying computing resources for blockchain networks. The expansion reaffirms Azure as R3’s preferred cloud provider.”
This new integration will allow several financial institutions and fintechs to seamlessly integrate their business infrastructure with their preferred ledger stack. This integration will also provide businesses with high-tech development tools and platform components using which they can create, manage and optimize their blockchain applications.
As per R3’s press release, the basic aim of this partnership between the two companies “effortless deployment of Corda and Corda networks on Azure” which will “enable businesses to quickly and easily set up Corda nodes and networks, reducing time and cost of deployment which are major considerations when adopting distributed ledger-based platforms.”
Executive Vice-President at Microsoft, Peggy Jhonson said that the company’s focus is to allow its clients to concentrate on creating “real-world business solutions, applications, and pilots.”
Commenting on their partnership, R3 CEO, David E. Rutter said: “Deepening our relationship with Microsoft helps put Corda at the fingertips of millions of businesses across the globe. The platform gives companies the complete freedom to develop and deploy innovative DLT-based solutions to their customers’ specific challenges. Integrating Corda with Azure streamlines and simplifies the development and deployment process and ultimately helps businesses expedite commercial deployment of CorDapps.”
Corda has been a preferred choice of more than 60 partners that comprise of several big System Integrators and Independent Software Vendors from across the globe for developing solutions across a variety of industrial applications.
R3 is said to have recently upgraded to version 1.0 of Corda which brings a lot of stability to the platform’s core application programming interface (API). This upgrade will facilitate CorDapp developers on Azure to build on Corda v1.0 version such that any future upgrades and enhancements to the software won’t disrupt their work.
On strengthening of the partnership between R3 and Microsoft, Head of Emerging Technology at Commonwealth Bank of Australia, Dilan Rajasingham said: “As an early investor in R3, Commonwealth Bank has developed deep experience in distributed ledger technologies, and our early adoption of cloud technology has delivered significant benefits to our organisation and our customers. Deeper integration of the Corda platform with Azure will enable CBA to better scale our distributed ledger experimentation and help keep CBA at the forefront of technology innovation in financial services.”