Microsoft’s Own Blockchain Is Powered By JP Morgan; Starbucks Will Use It For Tracking Coffee!
Microsoft’s Azure to Take on the Blockchain Technology with JP Morgan
Blockchain is a breakthrough technology that is sparking innovation and absolute necessity across industries. In a rapidly globalizing world, great sums are spent managing workflows that cross trust boundaries. As digital transformation expands beyond the walls of one company and into processes shared with suppliers, partners and customers, the importance of trust grows with it. This is where blockchain technology steps in.
This week, the tech giant Microsoft has partnered with the banking heavyweight, JP Morgan to accelerate the adoption of enterprise blockchain. Microsoft has launched its fully-managed Azure Blockchain Service that is created to ward off complexities in operating blockchain technologies. It is built specifically to manage related activities, like adding members, giving them permissions and checking the system on the whole. Instead of supporting cryptocurrency transactions, Azure will let businesses develop their applications on its Cloud-based platform.
What is The Partnership all About?
JP Morgan has its own blockchain technology, named Quorum which was majorly designed to power interbank payments. The central idea of the partnership between the two giants is to welcome Quorum as the inaugural blockchain on the Azure cloud platform, which will give Microsoft and JP Morgan customers the ability to deploy and manage scalable blockchain networks in the cloud, at lower costs. These strengths would help enterprises to shift their focus from infrastructure management to application development, ultimately driving transformative business values.
With its ultra strong technical base, Microsoft has committed to offer engineering and consulting support to Quorum.
Real-time Dependency of Starbucks and Louis Vuitton on Blockchain:
Quorum and Azure are being applied to real-world situations. Louis Vuitton luxury brand is using Quorum blockchain technology to track and prove the authenticity of its luxury goods. It has a full-time blockchain development team working on it for over a year, using the services to explore the protection of creative intellectual property, as well as exclusive offers, events for customers and anti-advertising fraud, the source revealed.
US based coffee chain Starbucks implemented the tech giant Microsoft’s Azure Blockchain Service to track coffee production. Starbucks proposed an initiative in 2018, wherein they would work with farmers to pilot a blockchain based coffee tracking system. The system allows customers to track the production of their coffee and open up potential financial opportunities for coffee bean farmers on the backend
How are Companies Using Blockchain Today:
Most of the major Fortune 500 companies, spanning all the industry spaces are exploring blockchain technology for benefits in business and security. Blockchain can help companies reduce costs and improve product and customer data tracking and security, increasing product safety and reducing counterfeit.
Finance: It has been used majorly in financial industries, as they pursue R&D. JP Morgan, Royal Bank of Canada, American Express, Visa, MasterCard and Goldman Sachs are among some of the top players indulged in blockchain technology.
Automobile: Auto manufacturers recognize that the nature of mobility is changing. They’re considering blockchain technologies to participate in the reinvention of the same. Toyota and Volkswagen have been using it to keep a check on vehicles’ mileage data, engine usage history and other data.
Retail: The retail industry appears most focused on supply chain using blockchain technology. Walmart has been using blockchain to track the movement and origins of pork in China. Alibaba too has been using blockchain for the past two years to track product authenticity in the supply chain and reduce counterfeiting.
Blockchain is revolutionizing workspaces. With a giant like Microsoft single -handedly stepping into the blockchain technology, there is a wide network led to take over on the same in near future.