Microsoft has teamed up with AMIS and the Industrial Technology Research Institute of Taiwan (ITRI) to form Asia’s first consortium blockchain network on Azure.
The network is being built using AMIS’s distributed ledger and cryptographic authentication solutions and Microsoft Azure.
Together, the companies hope to make it more efficient and cost effective for companies in Taiwan to do business, as the blockchain network provides options for two-way payment, cross-field integration, faster cash flow as well as the ability to build apps or community payment apps in the future.
AMIS chose Azure as its blockchain platform as it meets a broad set of international and industry-specific compliance standards. The solution also uses ITRI’s technology, to create an internal application program interface, and Ethereum, to develop Permissioned Blockchain – an infrastructure specific to the needs of Taiwan’s financial market.
“Microsoft Azure offers a trusted cloud environment and provides AMIS with the necessary support in the areas of security, privacy, transparency and compliance,” said AMIS CEO Alex Liu. “These are key in ensuring a sustainable development of local blockchain technology.”
This is not the only initiative Microsoft is working on in the area. The company is also working with Ubon Financial, Cathay Financial Holdings, MegaBank, KGI, Taishin, CTBC Bank to further develop blockchain opportunities in the Taiwan financial market.
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