Microsoft has unveiled a new cloud-based blockchain platform designed for large financial institutions, offering them a simpler environment to experiment with blockchain technology. The initiative was developed in partnership with Brooklyn-based startup Consensys and will be made available to customers already connected to Microsoft’s Azure cloud platform.
Cutting the cost of blockchain experimentation
The move marks Microsoft’s second major step into the Bitcoin and blockchain space after it began accepting Bitcoin payments in the United States for digital products on its website. According to Microsoft’s director of technology strategy for financial services, Marley Gray, one of the biggest concerns voiced by customers was that getting started with blockchain was too difficult and too expensive. The new platform is intended to reduce those barriers for enterprise users.
Instead of building blockchain systems from scratch, firms in finance and insurance can use Microsoft’s cloud infrastructure and templates to begin testing applications more quickly. Based on the source material, users can create smart contracts in as little as 20 minutes and can also set up private blockchains with relative ease. Microsoft is already relying on the programmable blockchain capabilities of Ethereum to support the launch.
Enterprise blockchain beyond payments
Consensys is described as a production studio focused on decentralized applications and developer tools for blockchain ecosystems, primarily though not exclusively tied to Ethereum. Its involvement highlights that Microsoft’s interest extends beyond Bitcoin as a payment method and into broader enterprise use cases for programmable blockchain networks.
This is Microsoft’s first major blockchain-related announcement since it hosted a panel in New York with the MIT Media Lab. That earlier discussion focused on potential applications such as reducing identity theft, preventing fraud in voting systems, and using distributed ledgers to record real estate ownership. The new platform suggests Microsoft is continuing to explore how blockchain can be deployed in real-world institutional settings.
Rising momentum across the financial sector
The announcement also comes as blockchain was increasingly gaining traction across the financial technology industry. The source notes that major banks including Santander, UBS, and Barclays had already begun internal experiments and development work to test how blockchain could eventually be integrated into operations. Against that backdrop, Microsoft’s Azure-based offering appears positioned to capture growing demand for enterprise-grade blockchain infrastructure.