Blockchain Nodes are innovation centres aiming to engage with local technology companies, developer communities and startups and help create new blockchain-based solutions. Initially, they will focus on blockchain applications for the financial services industry; however, plans call for exploring the technology's applicability in health care and public sector organizations before potentially tackling other verticals.
KPMG launched its Digital Ledger Services unit in September 2016 to help banks and other financial institutions adopt blockchain-based transaction and operational systems. Microsoft, meanwhile, will contribute its growing competency in delivering cloud-based blockchain solutions.
In autumn 2016, Microsoft announced a blockchain pilot project in collaboration with Bank of America Merrill Lynch. The joint solution focused on streamlining trade finance transactions by eliminating much of the manual work associated with collecting and verifying the information and certificates involved in finance deals between buyers and sellers.
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