Home > Industry > Aussie Banks Sign On As MS Pushes Blockchain Tech

Aussie Banks Sign On As MS Pushes Blockchain Tech

Microsoft has taken the lead from Google, IBM, and Amazon.com in the race for supremacy in blockchain markets – and is finding ready support Down Under.

Microsoft and R3, a consortium of 43 financial institutions, have formed a strategic partnership to accelerate the use of the blockchain technologies. The consortium includes Australia’s Commonwealth Bank, NAB, Macquarie Bank, and Westpac – with the ANZ appearing to be a notable absentee.

Blockchains are generally online ledgers for recording transactions becoming popular using digital currency bitcoin. But now financial institutions are experimenting with them as well to run their businesses more efficiently.

“The R3 partnership will help us to see what technology actually works, what combination actually works,” said Marley Gray, director of technology strategy at Microsoft. He added: “We see it as a tremendous investment for Microsoft.”

You may also like
Commbank To Offer Cheap NBN
Big Retailers Costco, Amazon & PlayStation Networks Crash
Microsoft Secures Court Order To Take Down Malicious Domains
Leaks Back Up Windows 11 October Release Rumours
Microsoft Alleges Israeli Group Sold Tools To Hack Windows