Together with ConsenSys, Microsoft Makes Blockchain Platform Affordable and Simple

By CIOReview | Wednesday, December 9, 2015

FREMONT, CA: Microsoft teams up with ConsenSys and launched a cloud-based blockchain platform that lets financial firms experiment on Bitcoin in an affordable and easy manner. ConsenSys is a Brooklyn based start-up working for blockchain ecosystems with a primary focus on Ethereum.

Blockchain is a wallet based on the Bitcoin protocol that maintains a continuously growing list of transactional data records. There are a lot of financial companies that are investing in the new technology since they expect it to increase efficiency and cut cost in learning how to deal through the Bitcoin industry. With the recently released blockchain platform, multiple tools are offered to Microsoft clients like, BlockApps Strato and Camp. BlockApps Strato is a sandbox toolkit that allows users to build industry-specific blockchain applications while Camp is blockchain explorer tool that help businesses to develop their own blockchain application.

Blockchain is not limited to Bitcoin, many other companies are also working to build their own blockchain ecosystem. Recently Ethereum has built a programmable blockchain, which Microsoft is leveraging to create Ethereum based blockchain platform together with ConsenSys. Ethereum is a decentralized platform which offers programmed applications without any downtime, censorship and third party interference.

Microsoft Azure platform users, banks and insurance firms can avail the service of blockchain. "The major problem for our customer was that the blockchain is hard and expensive to get started," says Marley Gray, Director of tech strategy for financial services, Microsoft. Further he added the technology would allow companies to create their own private blockchains that help with “smart contracts.” This enables users and new adopters to build contracts that are automatically executed within 20 minutes, even with no prior experience.