Articles about Blockchain

Microsoft has joined forces with a collective of more than 40 financial institutions to help push the development of blockchain technology. Working with the R3 consortium, Microsoft wants to develop and test new technologies to replace and streamline old systems used in banking and enterprise industries.

The announcement comes as the company launches the first Microsoft Envision event with the aims of bringing together business leaders to pool ideas for the digital age. Using Microsoft Azure, the company wants its partners to expand the use of Blockchain-as-a-Service and bring about change faster.

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IBM is looking to move blockchain technology beyond Bitcoin and money transfer as it announced Blockchain-as-a-service on Tuesday.

Blockchain-as-a-service allows developers to "create digital assets and accompanying business logic to more securely and privately transfer assets among members of a permissioned blockchain test network".

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"Blockchain is ready to take centre stage", declared a recent Goldman Sachs report, just one of many indications that this virtual system has captured the attention of the financial services industry.

It is certain that Blockchain has the potential to transform centuries-old mechanisms for transferring money. Our latest research, which surveyed over 300 banking executives on the current payments landscape across Europe, found that cryptocurrency and Blockchain technologies are now seen as real drivers for change.

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Microsoft has partnered up with Brooklyn-based blockchain start-up ConsenSys to bring the technology to financial institutions.

Blockchain is the technology that underpins Bitcoin. It is essentially a vast, decentralized ledger that registers every transaction anonymously, and because the ledger is public, it makes blockchain tamper-proof and ideal for financial clients.

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Major global IT vendors -- including leading hardware, systems software, eCommerce, big data, cloud, network, telco and systems integrator companies -- have little wisdom, advice or vision to offer their customers and prospects when it comes to blockchain technology.

This is the result of a survey entitled Searching in Vain for The Block Chain, conducted by enterprise IT specialist consulting firm Lighthouse Partners. It is also the main reason this company decided to start offering consulting services on the topic.

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The Bitcoin virtual currency could be used by some of the world’s biggest banks. Nine banks that include Barclays and Goldman Sachs, are considering adopting the blockchain technology to log who spends which virtual coins.

The primary reason why these banks want to use blockchain, is because it is hard to fool it, which makes fraud more difficult. Besides just fraud, the technology can also help banks carry out transactions even faster and also helps make processes more transparent.

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