It helps the cryptocurrency sector when the broader world begins to utilize the digital assets’ underpinning technology. Of course, I’m talking about blockchain technology. Therefore, it’s a great push for the decentralized asset when technology giant Microsoft clearly becomes a huge advocate for blockchain.
How is it an advocate? Well, it is reportedly making blockchain-based tools available to PowerApps and Microsoft Flow users. The news has come first from tech publication GeekWire.
Microsoft and Blockchain
According to the sources, Microsoft will announce plans for adding blockchain tools to its Power Platform at the Microsoft Business Applications Summit today in Atlanta. It has specified that AI and blockchain tools are the latest additions in the company’s PowerApps custom application builder and PowerBI business intelligence tool.
Microsoft’s Power Platform is a suite of tools that allows collaborators to build custom apps, to help automate workflows, and to analyze data. The suite consists of three tools: Power BI, PowerApps, and Microsoft Flow.
Microsoft Using Blockchain
The tech giant is not new to using blockchain. It has previously released several blockchain-powered tools based on its products.
Most recently, it introduced the new Azure Blockchain Development Kit specifically for the Ethereum blockchain. This aided developers who are building apps using Microsoft’s Azure Blockchain Service.
Also in May, it revealed that it is “building a decentralized identity network atop of the Bitcoin blockchain.”
Tech competitor IBM entered the blockchain arena earlier in 2019. It developed its own blockchain aimed at financial services companies like banks. Called LedgerConnect, IBM’s blockchain is a proof of concept blockchain platform that applies blockchain technology to a number of financial areas including sanctions screening, know-your-customer processes (KYC), collateral management, and derivatives post-trade processing.
What do you think about Microsoft adding blockchain tools to its Power Platform? Off the back of India’s proposed crypto bill, which will put cryptocurrency holders in jail, the crypto space needs more big companies to make moves in its favor.
Featured Image: DepositPhotos © scanrail
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