Microsoft will provide Azure-based blockchain services for the modular systems of the NASDAQ financial system. Microsoft’s press release this week has shown a new partnership between the IT giant cloud Azure service and the creator of NASDAQ Financial markets to provide block-chain integration for the widely used financial Framework system Last.
Part of Nasdaq’s commercial technology known as Market technology, the Financial Framework is launched in 2016 as a modular system that allows its users to access a wide range of applications and systems based on finance, which They can apply as needed. It has been used in some form by exchanges, clearing houses and depositories all over the world. Currently, Microsoft’s partnership is designed to add functionality to a service that communicates between purses in this software portfolio.
“Our [Capital markets] industry is developing faster than ever, with the advent and promotion of the cloud, blockchain, machine intelligence and others,” said Magnus Hlind, senior vice president and head of business products management NASDAQ on market technologies. “The industry’s key players are looking at these technologies to learn how they can become more efficient and effective, and gain a competitive advantage.”
It is planned that Azure will help secure interoperability between the core software systems of the Nasdaq Financial Framework, the middleware modules it uses, and the customer’s own IT systems. To do this, he will use a set of microservices based on blockchain to perform transactions and contracts, recording all such interactions in his registers.
According to Microsoft, Nasdaq sees the possibility of using blockchain to manage the delivery, payment and regulation of transactions. His systems will be there to ensure that this can happen even when different businesses use different blockchain and payment mechanisms.
“With a few blockchains that are used by various industry players, we believe that the combination of NFF and Microsoft’s locking technology can eliminate some of the project’s complexities in this area,” commented Tom Fey, Senior vice president of Enterprise Architecture in Nasdaq.
“In addition, as more and more industries move towards capital market technologies and structures, we see the potential of blockchain to provide value in a safe, non-friction and instantaneous comparison of buyers and sellers.”
As Nasdaq strives to move forward on the integration of blockchain technology into its services, it seems to be looking at Microsoft to make these new services as simple and hassle-free as possible for its customers. This is part of a growing understanding between DLT service providers, which should be as transparent as possible, and that user experience is the key to adopting a distributed database.
As Daniel Larimer, the creator of EOS, said in a recent interview: “Blockchain will be adopted when people no longer talk about blockchain.”
“To get from where we are today,” said Larimer, “is to force existing businesses and existing proven business models to update their software to use the lock, Provide users with greater security. ”
“These opportunities will also enable capital market organizations to use any NFF-based applications that include blockchain technology without the need for special skills or knowledge,” said Tom Fey of Nasdaq, repeating this. He believes that this is “critically important because the industry is looking for new ways to use a distributed database.”
“From our point of view,” he concluded, “Lazur reveals the power of the blockchain, eliminating the main difficulties.”
This,-said Faye,-provides a layer of abstraction, making our offer cost-effective, safe, highly scalable, and ultimately helping us to further explore a wider range of customer use options for blockchain. “