BankChain, a blockchain consortium initiative by Indian banking majors, has selected Microsoft Azure as the exclusive cloud partner.

Since its inception earlier this year, BankChain has grown to include over 20 banks which includes State Bank of India, ICICI Bank, DCB Bank, and Export-Import Bank of India. The consortium has been formed in collaboration with blockchain startup Primechain Technologies.

According to the news release, the consortium members will use Microsoft Azure Blockchain as the underlying blockchain platform. Microsoft will work closely with Primechain Technologies to develop various blockchain use cases.

“The partnership with BankChain underscores our commitment to enable the digital transformation of the BFSI sector in India. Blockchain is one of the most exciting innovations in this sector and we at Microsoft are leading this trend by offering the best-in-class Azure Blockchain offering. We look forward to working with stakeholders like Primechain to make this partnership a success” said Peter Gartenberg, General Manager, Enterprise and Partner Group, Microsoft.

The consortium recently announced that it has completed the work on its first project – Clear-Chain (c2) – is a permissioned blockchain for integrated and shared KYC (Know Your Customer) and AML/CFT (Anti-Money Laundering and Counter Terrorism Financing). With this partnership, SBI’s Collaborative Innovation Centre (CIC), along with other BankChain member banks, will start testing and validating various Primechain Blockchain Pilots on Microsoft Azure Cloud nodes.

“Blockchain technology can help banks improve customer satisfaction, minimize fraud, and maximize efficiency, security, and transparency,” said Shinam Arora, CEO, Primechain Technologies. “We are excited to collaborate with Microsoft and bring in their expertise and globally-trusted solutions to help the banks address these challenges take the next quantum leap,” she added.