Microsoft focuses on blockchain as clients fear missing out

“Our goal is to help enterprises to experiment with blockchain on top of a cloud base that provides a trusted foundation, which makes it easy for them to get started with a blockchain project,” he adds while speaking to an audience during the Yahoo Finance All Markets Summit: Crypto event.

“Everybody became very interested in cryptocurrencies and blockchain and how to make use of it. And many more were concerned that their businesses were going to be disrupted by somebody else beginning to use a solution before them.”

Current examples of companies involved in this space include, “3M who is using blockchain to track pharmaceuticals so they can make sure customers get them and that they come from a reputable source”, thus avoiding fraud, tampering and fakes.

WebJet, meanwhile, is using it for making hotel reservations and to ensure that all persons involved in transactions get paid. “They created an Ethereum-based platform on Microsoft Azure that reduces inefficiency in hotel reservations by up to 90%,” says Russinovich.