How is cloud computing used in fintech?

How is cloud computing used in fintech?

To support the blockchain for one! Let’s take a look at that today!

Blockchain and Cloud services

What is blockchain?

Blockchain as a technology is able to build a transparent and verifiable system that will change the way people think about exchanging values. Businesses are utilizing blockchain technology as a common data layer to enable a new class of applications. Helps the data sharing among multiple organizations.

Oasis Lab

This is an innovative startup that just got funded to build a blockchain platform based on cloud services.

The technology that the startup is focusing on is privacy-preserving smart contracts. In addition, scaling to complex application workloads, rich programming support including machine learning within smart contracts:

Oracle Cloud

Oracle Cloud Service provides blockchain services as autonomous blockchain. Its goal is to accelerate the speed of B2B transactions. Moreover, there are some use cases showing that the service provides reliable shared data and trusted transactions with suppliers, banks and other trade partners through integration with cloud-based applications. Furthermore, the oracle blockchain cloud service is able to increase business velocity, reduce operation costs, and reduce the cost of fraud and regulatory compliance. Increasing the security in the network is achieved by multiple peers endorse (digitally sign) as results.  Service administrators are able to use the Oracle Blockchain Cloud Service web console to configure the blockchain and monitor its operation:

Microsoft Azure Blockchain 

Blockchain services on Azure can greatly simplify development, put in production quickly, and innovate with confidence. There are a lot of businesses using blockchain services on Azure currently. Moreover, professionals in EY have used the blockchain service to build Insurwave, the world’s first blockchain platform for marine insurance. Thus the blockchain technology has enhanced its security, scalability, and rapid solution building. Calculating insurance price involves insurance providers, reinsurers, claims handlers, surveyors, adjusters, agents, customers, port authorities and others. Furthermore, the complicated process makes regulatory compliance challenging and causes errors and duplications. As a result, the process can take years. The platform has greatly reduced the price of marine premiums.

In conclusion, there are a lot of businesses using the blockchain services on cloud platforms. Moreover, Blockchain technology gradually integrates into real business practices. Lastly, using blockchain technology on cloud platforms makes implementation easier in real life. Furthermore, it shortens the time of applying blockchain technology.

How is cloud computing used in fintech?