Microsoft today announced a strategic partnership with R3, a consortium of leading banking institutions, to help push blockchain technology into the financial services industry. Blockchain technology modernizes legacy financial processes, so trades of assets like stocks and bonds can be finalized in minutes, not days. Microsoft is planning to help over 40 member banks of R3 develop, test and deploy blockchain technologies to modernize old processes and streamline operations.
Bringing together resources from across the company, this partnership empowers R3’s members with intelligent technology for faster experimentation, technical agility and accelerated learning. Member banks will use our cloud platform, Microsoft Azure, and have access to our expanding network of more than 45 partner Blockchain-as-a-Service solution providers for development and testing.
Coupled with dedicated services and technical support for R3’s blockchain labs, this partnership creates a powerful, flexible ecosystem for member banks to develop and ultimately deploy real-world blockchain solutions. R3’s members will also benefit from Microsoft’s enterprise-grade cloud security and privacy protections, in addition to the largest cloud compliance and certification portfolio in the industry, an absolute necessity for the financial services industry.
“With next–generation technologies like blockchain poised to disrupt the way we do business in nearly every industry, we’re committed to continue earning the trust of business leaders and their customers around the world,” said Peggy Johnson, Executive Vice President, Business Development at Microsoft.
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