The government organisations and global leadership bodies are intensively looking to regulate cryptocurrencies in order to prolong its longevity. And since bitcoin is built on blockchain technology, many companies and institutions are looking forward to exploring the benefits of it.
Microsoft has widely accepted bitcoin as an alternative payment methods and has made it firm more flexible to its customers demands. The company has also identified the potency and prospect in blockchain technology to the business world. This foresight is however driviing the company to developing blockchain applications.
Microsoft and Amazon are already working on building blockchain platform for businesses. Microsoft plans to integrate blockchain- based decentralized IDs (DIDs) into its Microsoft Authenticator app, while Amazon wants to have its own “blockchain-as-a-service” offering.