India's BankChain consortium select Microsoft as blockchain provider

posted 4 months ago
A consortium of India-based banking firms including State Bank of India, ICICI Bank and DCB Bank has formally selected Microsoft Azure as their exclusive cloud partner.

As a part of this partnership, the 20 members of the BankChain consortium, which went public with its R&D efforts last month, will use Microsoft's Azure blockchain to host the nodes that will relay transactions on their distributed ledger systems.

According to a news release, the first active project to use Azure will be Primechain-KYC, a closed, permissioned blockchain built by Mumbai-based Primechain Technologies. The tool seeks to help clients share know-your-customer (KYC), anti-money laundering and counter-terrorist financing information.
Tags: blockchain, news