Microsoft and R3 have entered a strategic partnership in order to encourage faster adoption of distributed ledger, or blockchain, technologies in global banks.
As part of the deal, Microsoft will provide cloud-based tools, services and infrastructure for R3’s labs. Microsoft will also provide architects, project managers, lab assistants and support services.
The R3 labs will work on providing greater technical agility, facilitating faster learning around blockchain technologies in financial services.
Members of the R3 blockchain consortium, will gain access to Microsoft’s business-as-a-service partners, which can assist in development, testing and deployment of new distributed ledgers, whether in cloud, local or hybrid environments.
The R3 consortium has also named Microsoft Azure as its preferred cloud platform for its R3 Lab and Research Center, which works with 40 member banks.
The partnership is intended to help modernise technology and processes for the financial ecosystem, allowing business network participants to complete transactions cost-efficiently, quickly, and securely, with optimum transparency.
Peggy Johnson, executive vice president of global business development at Microsoft, said: “With intelligent, cloud-based technology, R3 and member banks will experiment and learn faster, accelerating distributed ledger technology deployment.”
She added: “What’s more, our collaboration brings to light tremendous opportunities to rethink business processes and transform entire industries.”
David Rutter, CEO of R3, said: “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.”
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