At Monday’s kickoff to Microsoft Envision in New Orleans, Peggy Johnson, executive vice president for Business Development at Microsoft, announced a strategic partnership with R3, a consortium of leading banking institutions, to help move blockchain technology from hype to reality for the financial services industry.
“Together, we will help R3’s over 40 member banks develop, test and deploy blockchain technologies to modernize decades-old processes and streamline operations, potentially saving billions of dollars from back-office operations,” she writes on the Transform business blog. “Digital transformation is lighting up across industries in every region of the world. It brings with it new challenges and new opportunities, opens up new markets and new customers, and demands a fundamentally new approach to thrive in a mobile-first, cloud-first world.
“One undeniable force in this transformation is the emerging use of blockchain technology in the enterprise,” Johnson continues. “Known by many as the backbone of bitcoin, blockchain offers a secure and transparent way to digitally track the ownership of assets. Simply put, it promises to revolutionize the way financial institutions conduct transactions.”
Read more about how blockchain modernizes legacy financial processes and eliminates the need for middlemen on the Transform business blog.
Athima Chansanchai
Microsoft News Center Staff