Microsoft Is Building Its Own Blockchain Platform With The Help Of JPMorgan Chase

On May 02, Microsoft announced that it has partnered with JPMorgan Chase to improve its blockchain platform. Accordingly, with the support from the cloud-computing platform called Azure from Microsoft, the platform Quorum from JPMorgan will be available on the blockchain service of software developers.

Mark Russinovich, who now serves as the chief technology officer (CTO) of Microsoft Azure, wrote a blog post saying that JPMorgan’s platform will become the first ledger on Azure.

Along with these companies’ collaboration, JPMorgan customers including Louis Vuitton and Starbucks will feel more comfortable in the development of new applications on the company’s blockchain network. According to Russinovich, Quorum is considered a “natural choice” for the platform of Microsoft. He noted,

Being a system to track cryptocurrencies, blockchain helps users to make and share ledgers, as well as transaction records, between many various parties.

The transaction data is protected by encryption, and therefore, hackers won’t be able to modify or forge it. In addition, all systems of participants will constantly update this kind of data as a guaranteed method for those who feel interested in conducting business via blockchain.

As the executive vice president of the Cloud and Enterprise at Microsoft, Scott Guthrie said to reporters at a May 02 media event,

In an interview with Business Insider, the President of IDC Crawford Del Prete said that the companies' collaboration emphasizes the appearance of an “industry cloud” in many kinds of financial services, and as such, fintech will be a hot trend.

According to the IDC President,

He further said,