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Microsoft teams with Bank of America to transform trade finance transaction using ‘blockchain’

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Microsoft and Bank of America Merrill Lynch yesterday announced they are working together to make financial transactions more efficient with blockchain technology — the foundation of bitcoin digital currency.

The companies said they will build and test frameworks for blockchain-powered exchanges between businesses and their customers and banks.

Blockchains are considered tamper-proof registers in which entries are time-stamped and linked to previous “blocks” in a data chain.

Blockchains serve as public ledgers considered easy to audit and verify. They are also automated, speeding up transactions and limiting potential for error or revision.

Microsoft planned to use its Azure cloud service platform to enable blockchain transactions between a major corporate treasury and a financial institution.

For more on this story visit the following link: Microsoft teams with Bank of America to transform trade finance transaction using ‘blockchain’ 

Source: Malay Mail Online

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