Microsoft has plans to integrate its cloud-based platform Azure with blockchain technology. The technology giant has partnered with startup ConsenSys to support a blockchain platform called Ethereum that will enable financial industries to keep track of their bitcoin transactions and create smart contracts, according to a report by Tech Times.

The platform will enable companies to create smart contracts that would execute the terms of the agreement within 20 minutes. "Working with our customers that wanted to start playing around with blockchain technology, the major pain point that we kept hearing from them was that it was just too hard to get started, and too expensive," said Marley Gray, director at Technology Strategy US Financial Services. "Ethereum provides the flexibility and extensibility many of our customers were looking for."

The Ethereum blockchain will also enable users to update their contracts every 15 seconds using an Ethereum-based currency, making its update time 40 times faster than bitcoin's blockchain, according to Microsoft.