Finally taking a plunge into blockchain technology, Microsoft has announced the arrival of its “Azure Blockchain Services” recently, albeit with a difference. This blockchain technology from US software major is not directly concerned with cryptocurrencies; rather it helps the organizations to streamline various operations in their management domains in addition to handling their governance issues. This will lead to a logical workflow with less intrusion from the unproductive processes which are usually main culprits in decreasing the efficiency while affecting overall revenue generation of the company.
Quorum and Azure
The blockchain solution of Microsoft will work on a simple logic – it is going to allow organizations to use its platform of cloud computing to develop their own applications according to specific business need and industry domain they are operating in. This means the organization will be going to get benefited because they can customize the solution by choosing to develop and implement the best one fitting their own strategy. Implementing this customized strategy, Microsoft and JP Morgan are going to make “Quorum” as a very first open ledger on its Azure platform. Just so you know, Quorum is based on blockchain platform of Ethereum and being the largest community blockchain developers in the world, it is natural for the Microsoft and JP Morgan to choose this platform for the development of open-ledger on Azure blockchain.
This business decision has important strategic implications for Microsoft. There are already a number of known companies which are using “Quorum” with some of the names include the likes of Louis Vuitton and Starbucks. The advantage these companies can derive is a rapid expansion of their respective networks by using Azure blockchain service of the company. The simple, easy to use interface of the Azure is also one of the main attractive points of service and the process of making an account won’t take more than a few minutes. With the help of a few clicks, one can create an account and then follow the steps for having access to this permission-blockchain application. JP Morgan is also confident about the success of the project as it has expressed its delight as both of the companies comes together for expanding capabilities while complimenting each other’s strengths. Umar Farooq, who is heading the Global blockchain initiatives at JP Morgan, expressed the confidence that in the coming time this partnership will blossom and brings fruitful results for both organizations.
From a competitive perspective, the race in the field of blockchain sector heating up with organizations like IBM, Amazon, etc. As they are having some lead over their rivals in terms of their early mover advantage. In fact, IBM has created a good place among the clients as a reliable blockchain developer which has excelled in many areas of providing blockchain solutions. Many experts are of the viewpoint that Microsoft has already been late in deciding to venture into blockchain technology and now have to put extra efforts to catch up with its rivals to get on an even keel with its rivals.