Cloud-Based Blockchain

Cloud-Based Blockchain

Microsoft launched a cloud-based blockchain platform on Tuesday with Brooklyn-based                                   startup ConsensYs, which will allow financial institutions to experiment cheaply and easily                             with the technology underpinning bitcoin.

The blockchain works as a huge, decentralised ledger of every bitcoin transaction,                                     which is verified and shared by a global computer network and therefore is virtually                                 tamper-proof.

The financial industry is increasingly investing in the technology, betting it will reduce                                costs and increase efficiency.

Blockchain technology is not limited to bitcoin - it can be used to secure and validate the                   exchange of any data. And other companies are now building their own blockchains that                       provide additional features to the original bitcoin one.

One such company is Ethereum, which has built a fully programmeable blockchain.                                 Technology giant Microsoft is using it for the blockchain platform launched soon.