Following with its partnership with blockchain startup ConsenSys, Microsoft launched Ethereum Blockchain as a Service (EBaaS) at Ethereum Developer Conference on Nov. 10 in London.
ConsenSys is a startup that focuses on the Ethereum technology. On the other hand, Ethereum is a decentralized platform for applications with an impenetrable security protocol against fraud, censorship or any unauthorized third-party interference.
Following the launch of EBaaS, Microsoft posted on Azure's official website, "Ethereum Blockchain as a Service provided by Microsoft Azure and ConsenSys allows for financial services customers and partners to play, learn, and fail fast at a low cost in a ready-made dev/test/production environment."
Microsoft can now offer its Azure clients a fast and easy way to build cloud-based blockchain applications. These applications could range from cross-border payments, corporate accounting and even securities trading.
According to Reuters, the platform will be made available to financial institutions, banks and insurance companies that has already integrate their systems into the Azure platform. Microsoft said that four large international financial firms have already signed up to the service.
Microsoft have long involved itself in legitimizing cryptocurrency. The company began accepting Bitcoin payments more than a year ago. On the other hand, Ethereum's cloud platform existence is a sign of the growing importance of blockchain technology when it comes to securing the financial services industry.
EBaaS will offer two tools upon its release, Ether.Camp and BlockApps. These tools will allow developers to rapidly create smart contracts. Microsoft said that it has already created an Azure quickstart template that will deploy a Go Ethereum client together with a genesis block on Ubuntu virtual machines.