R3 Consortium, Microsoft unveil strategic partnership

R3 Consortium and Microsoft Corporation (NASDAQ:MSFT) have unveiled a strategic partnership aimed at bolstering the use of distributed ledger technologies among R3 member banks and international financial markets. R3 also named Microsoft Azure the preferred cloud services provider for its R3 Lab and Research Center serving more than 40 member banks.

Under the collaboration, Microsoft will provide cloud-based tools, services and infrastructure for R3 lab locations, as well as dedicated technical architects, project managers, lab assistants and support services. R3 and Consortium members gain access to Microsoft’s ecosystem of BaaS partners such as Ethereum and ConsenSys, Ripple, Eris Industries, Coinprism, Factom, BitPay, Manifold Technology, AlphaPoint, IOTA, BlockApps STRATO, Tendermint LibraTax. These will assist in the development, testing and deployment of distributed ledger applications in cloud, hybrid and local environments.

Peggy Johnson, executive vice president of global business development at Microsoft, says,

“With intelligent, cloud-based technology, R3 and member banks will experiment and learn faster, accelerating distributed ledger technology deployment. What’s more, our collaboration brings to light tremendous opportunities to rethink business processes and transform entire industries.”

David Rutter, CEO of R3, adds,

“The partnership between Microsoft and R3 will scale the use of distributed ledger technology in a way that will change the entire financial services industry. The Azure platform and intelligent cloud services bring advanced capabilities to this budding financial ecosystem, and the commitment by Microsoft will accelerate the adoption of distributed ledger technology around the globe and take our R3 Lab and Research Center offering to a new level of capability.”

For the official announcement on the partnership, click here.

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