Microsoft officially joins the Blockchain Trade Association!

Baozou Commentary : Blockchain technology has not only caused a stir in the Internet financial circle, but also attracted the interest of IT giant Microsoft. Microsoft wants to join the Chamber of Digital Commerce to promote the application of blockchain and digital assets, and do its best to make blockchain a mainstream technology in the financial industry and other industries. Microsoft and IBM are not the only large cloud service providers that have discovered the huge potential of the blockchain market, but also Amazon Web Services (AWS) and Digital Currency Group (DCG).

Translation: Nicole

The Chamber of Digital Commerce has the backing of a major corporation as it introduces blockchain technology to Wall Street.

Blockchain has not only caused a stir in the Internet financial circle, but also aroused the interest of IT giants.

As the most famous underlying technology of Bitcoin digital currency, blockchain creates a tamper-proof distributed ledger. Technology startups, e-commerce companies and even some large banks are optimistic about blockchain technology and want to create the next generation of financial transactions and trade platforms, on which funds can be transferred safely and in many cases, middlemen can be eliminated. Blockchain can introduce a series of smart contracts, which can be automatically executed once the conditions are met.

Microsoft joins a growing list of supporters of blockchain technology. The Redmond, Wash., tech heavyweight announced May 4 that it has joined the Chamber of Digital Commerce, a trade association that promotes the use of blockchain and digital assets.

According to the association's website:

“By working closely with policymakers, regulators and the financial industry to educate the public about blockchain, we aim to create a conducive legal environment that fosters innovation and investment.”

Chamber members include LedgerX, USAA and early bitcoin backer Overstock.

Microsoft wants to do its best to make blockchain a mainstream technology in the financial industry and other industries by joining trade associations.

Marley Gray

Marley Gray, head of business development and strategy for Microsoft’s Cloud Platform and Enterprise Group, said in a statement:

“The Chamber of Digital Commerce provides important support to the development of a regulatory framework, bringing together leading companies in the industry to share their experiences and plans, and hosting important public debates on the use of distributed ledger technology and how to enable it to flourish while protecting the public.”

One of IBM's goals is to create a blockchain ecosystem that can securely protect transactions and assets and prevent fraud.

Recently, Big Blue announced a new security architecture that allows blockchain use cases. Some IBM cloud services can be used to create an auditable blockchain environment to record data. At IBM's PartnerWorld Leadership Conference in February, IBM announced a large number of new solutions and consulting services aimed at accelerating the use of blockchain technology in enterprises.

Gray said Microsoft also announced several new partners joining its cloud computing Azure blockchain service platform, including Bitswift, Blitz, Blocknet, Gamecredits, Jambucks, OKcash, Shadow, Storj and Vcash.

Microsoft and IBM are not the only large cloud service providers that have discovered the huge potential of the blockchain market.

On May 1, blockchain-focused investment firm Amazon Web Services (AWS) and Digital Currency Group (DCG) announced a partnership that will allow blockchain technology startups (who want to experiment with DCG portfolio companies) to access AWS cloud services and technical resources.

Scott Mullins

Scott Mullins, AWS global head of financial services business development, said in the statement:

“Distributed ledger technologies are at the forefront of innovation in financial services today. AWS is working with financial institutions and blockchain providers to encourage innovation and facilitate frictionless experimentation.”