Microsoft corporation has chosen to enter the crypto currency market with the blockchain technology. The company is apparently collaborating with Israel's Bank Hapoalim, the first bank that uses blockchain technology for digital bank contracts. Bank contract means giving assurance from a particular bank, that borrower's indebtedness will be met even if their liability is not attained.
Blending the blockchain with bank contract is the thing that happened for the first time in the history of Israel’s banking sector. Applicants do not need to visit the bank, once the application is installed and the documentation process will be highly secured and will consume less time.
According to the MarketsandMarkets report, by the end of 2021, the blockchain market is expected to reach $2.31 billion from $210.2 million in 2016, at a CAGR (compound annual growth rate) of 61.5%.
Since the initiation of the cryptocurrency transactions, blockchain technology has been put to practice. The technology is now more popular because of the fact that it cannot be ruptured and offers high security.
Microsoft has garnered the faith of a huge number of blockchain customers, and its recent collaboration with Hapoalim bank in Israel is expected to elevate the company’s growth in the near future.
Source: Microsoft Official Blog