Microsoft announces partnership with R3

Microsoft has announced a partnership with R3 CEV to accelerate the use of the blockchain technology.

R3 CEV will have access to Microsoft’s Azure cloud offerings as part of a strategic partnership between the two companies.

“I’m thrilled to announce a strategic partnership with R3, a consortium of leading banking institutions, to help move blockchain technology from hype to reality for the financial services industry. Together, we will help R3’s over 40 member banks develop, test and deploy blockchain technologies to modernize decades-old processes and streamline operations, potentially saving billions of dollars from back-office operations,” said Microsoft executive vice president of business development Peggy Johnson.

Microsoft is an American multinational technology company headquartered in Redmond, Washington, that develops, manufactures, licenses, supports and sells computer software, consumer electronics and personal computers and services.