Giving a surprise to the world with a bang on, Microsoft announced that they have become an active member of the Chamber of Digital Commerce which is a trade association that focuses in promoting distributed ledger technology known as blockchain. Enthusiasts of crypto currency will have an idea about this name as they are the major trading organization focusing on how it can be used, and which possibilities are on the horizon.
By offering a secure and transparent way for completing financial transactions and digitally tracking the assets of ownership, blockchain is modernizing legacy financial processes. Before being verified through cryptography, every recorded online transaction is tied with the previous one. This helps in enabling stocks and bonds trade to be finalized within minutes as well as eliminating the need for clearing houses, cutting costs and also reducing the risk of fraud. At present, Bitcoin a virtual currency is one the famous example of blockchain technology.
Microsoft joins Digital Chamber with the aim to develop the necessary regulatory frameworks of blockchain and distributed ledger technologies that can be widely used. Various software giants also approve its efforts in establishing training and self-regulatory schemes for assisting new entrants and grow innovation across the industry.
Marley Gray, Microsoft’s director of BizDev & Strategy – Cloud and Enterprise stated that Virtual currency is already the focus of regulatory interest at both the state and Federal level in the US, as well as in other markets around the world.
All over the world these days, blockchain technology is acquiring focus in identifying critical use cases. Although every business model will not have the same need for specific blockchain platforms, yet its flexibility allows developers and engineers to scale the solution according to their needs. On the Azure platform, Microsoft with their blockchain-as-a-service business model has ventured into the world of distributed ledgers. This doesn’t only provide fast and easy access to blockchain technology for developers, but they can also get benefited from other tools like multi-factor authentication offered by Azure.
Last year in November, Microsoft launched Blockchain-as-a-Service (BaaS) initiative and since then has added over 40 partners. Recently, the R3 consortium of over 40 major banks chose Microsoft’s BaaS as their favorite platform for experimenting and developing new offerings that are related with blockchain. In the last few months, when the blockchain was undergone through scrutiny by politicians, various questions were raised related to the need of specific regulatory requirements.
Explaining the situation, Marley Gray said that Microsoft is thrilled to join the Chamber of Digital Commerce. We firmly believe, industry collaborations are critical to bringing distributed ledger technology to market. The work of the Chamber will advance distributed ledger technology in a thoughtful, pragmatic way.”
However, the difference between embracing blockchain innovation and hindering growth in the sector is like walking in a fine line. Recently in Europe, during meeting at the European Parliament, it was declared that no further action will be taken in the blockchain regulatory space. Instead of that the same lenient approach will be taken in the rest of the world for making the involvement of Microsoft more valuable in the Chamber of Digital Commerce.
When companies like Microsoft that are involved in blockchain technology come together then the Chamber of Digital Commerce is a significant player for distributed ledger enthusiasts. It also focuses on training and educating newcomers in the world of this technology.
According to recent scenario, companies that are leading today’s market are entering into an ecosystem of blockchain with an unprecedented pace. They are further underlining the potential and importance of blockchain technology which is transformative in nature and are quickly realizing that efforts of education and advocacy are proving as critical mission for the success of this industry’s future.
Moreover, Microsoft is also welcoming several new BaaS partners, including Jumbucks, Bitswift, Storj, Vcash, Shadow, Blocknet, Blitz, Gamecredits and Okcash. In addition to this, for developing Solidity contracts, “Ether.Camp Ethereum Studio IDE”, a web-based integrated development environment (IDE) for Ethereum developers, on Azure is also available as well. The IDE permits developers to write and compile Solidity smart contracts, play with them in Sandbox, and then send the contracts to the real net.