Primechain, a technology company headquartered in Pune, India is collaborating with Microsoft Azure to develop as blockchain platform called BankChain for banks in India to understand, create and implement blockchain solutions in their operations. This collaboration will see 20 top banks in India, which include ICICI Bank, Kotak Bank, Deutsche Bank, State Bank of India (SBI), DCB Bank, and Bank of Baroda use the features of the platform that will primarily powered by Microsoft Azure Blockchain technology.
Primechain Technologies and Microsoft will work closely to develop several blockchain use cases. Among these, Primechain-KYC is the first active project; a secured blockchain system for sharing and integrating Anti Money Laundering, Know Your Customer (KYC) and tackling Financing of Terrorism. Blockchian has emerged as one of the most revolutionary technology, especially in the banking sector, which is why Microsoft in laying higher emphases on offering more quality and efficient Azure Blockchain services. Currently, a healthy percent of the financial institutions and banks are using BlockChain services offered by Microsoft.
Microsoft’s Azure Blockchain offers an expanded blockchain ecosystem and hyper-scale cloud platform for governments, consortium and enterprise. Further, it allows them to innovate and learn more quickly through prototypes and pilots in a cost-effective way. In India, the capability of Microsoft Azure Blockchain with extend to local, hyper-scale datacenters, enterprise-grade security and compliance certification portfolio that encourage fastest adoption of blockchain in regulated sectors such as healthcare and BFSI. The Primechain Blockchain Pilots supported by Microsoft Azure Cloud nodes is expected to be soon tested by several banks along with SBI’s Collaborative Innovation Centre (CIC). Executives believe that Azure will be allow agile cloud nodes configuration and building, propelling the BankChain consortium members to jointly work as single unite. It is likely that Microsoft will facilitate immense blockchain changes to improve features such as interoperability, provision of interface, easier integration with various other systems, security and more. Many of the officials also believe that there will be a creation of a brilliant technology architecture based on Microsoft Azure that will help in building of an efficient Blockchain Banking solution. In addition, technology such as the Blockchain can allow banks to enhance customer relation, maximize efficiency, minimize fraud, increase transparency and security. Primechain Technologies are looking forward to join hands with Microsoft and add their globally-trusted solutions and expertise for helping banks tackle various challenges and reach an important milestone.