Most of the companies exploring bitcoin and blockchain technology have been startups so far have been startups. The mainstream technology companies have been keeping themselves away from it, until Microsoft decided to take a step towards adoption of blockchain technology.
According to reports in the media, Microsoft has started exploring the blockchain technology and encryption for incorporation into its products. Microsoft has recently partnered with ConsenSys, a Ethereum based platform to explore further into blockchain based applications. Microsoft has been slowly diversifying its software products portfolio.
Microsoft has been one of the leading operating systems manufacturers in the world. Now, apart from operating systems, the company has ventured out into cloud based services, platform as a service business as well. Microsoft Dynamics is yet another range of products that offers ERP, CRM and other capabilities to companies.
Microsoft seems to be optimistic about the usage of blockchain technology and maybe even bitcoin in the near future. The company believes that what they are doing at the moment is just scratching the surface of an infinite potential the technology holds. Combining the current cryptographic security technologies and the reliability offered by blockchain technology will be a game changer.
The timing of Microsoft’s venture into blockchain technology comes at the time when many international banks are looking into the same technology for their operations. The banking sector intends to use blockchain technology to create a banking network that enables them to transfer funds from one branch or bank to another within a very short time and also avoid transaction fees and other charges connected to the Central Bank and SWIFT.
Microsoft is already one of the leading suppliers of operating system and other software for the banking industry. Addition of blockchain tech based products to their portfolio will make it easier for them to deploy it for banks.