Microsoft will incorporate its Azure Blockchain technology into the Nasdaq Financial Framework to deliver enhanced Blockchain services

US software giant Microsoft said in a blog post on Tuesday it would integrate its Azure Blockchain technology into Nasdaq’s Financial Framework (NFF) to “build a ledger agnostic blockchain capability that supports a multi-ledger strategy.

In response to rising demand, the partnership will seek to facilitate the matching of buyers and sellers, delivery management, and payment and settlement.

“Azure will deliver highly secure interoperation and communication between the Nasdaq Financial Framework [NFF] core infrastructure, ecosystem middleware and customer technologies, using an innovative blockchain microservices suite to execute transactions and contracts,” Microsoft Azure general manager Matthew Kerner explained.

Tom Fay, Nasdaq senior VP of enterprise architecture, noted that the new product would remove some complexities associated with integrating blockchain technology into existing infrastructures. He said:

“Our NFF integration with their blockchain services provides a layer of abstraction, making our offering ledger-agnostic, secure, highly scalable, and ultimately helps us continue to explore a much broader range of customer use cases for blockchain.”

Microsoft Azure is an open platform which supports a growing number of distributed ledger technologies addressing issues related to security, performance, and operational processes. The software giant is a prominent adopter of the new technology. Earlier this year, it teamed up with Ernst & Young (EY) to develop a blockchain solution for royalty management and content rights.

Released by Nasdaq in 2016, the NFF consists of a single operational core that powers a vast portfolio of business applications and services across the trading lifecycle. This enables customers of the stock exchange to interact with each other while also enjoying the benefits of emerging technologies.

The partnership with Microsoft marks the latest step in Nasdaq’s interaction with cryptocurrency and blockchain. The world’s second-largest stock exchange has secured a number of patents linked to the technology. In addition, it has revealed intentions to launch a cryptocurrency exchange once the market matures and proper regulation is in place. Until then, Nasdaq remains supportive of existing crypto exchanges, offering its technological solutions to five platforms, including Gemini and SBI Virtual Currencies.

Also read: Crypto exchange service Changelly has announced that it helped exchange platform Bithumb recover 1,063,500 Ripple in stolen assets following a massive hack in June

Source: https://cryptovest.com/news/microsoft-nasdaq-join-forces-on-blockchain-project/