Bank Chain

India’s Banks Choose Microsoft as Blockchain Cloud Provider

A group of Indian based banking firms which include names such as the State Bank of India, ICICI bank, and DCB bank have selected Microsoft Azure as their cloud partner. The 20 member of BankChain consortium will use Microsoft Azure Blockchain to host the nodes that will relay transactions on their distributed ledger systems.

The first project to use Azure will the PrimeChain KYC which is a closed permission based Blockchain built by Mumbai Primechain technologies. The tool seeks to help clients share know-your-customer (KYC), anti-money laundering and counter-terrorist financing information.