Microsoft has taken the lead from Google, IBM, and Amazon.com in the race for supremacy in blockchain markets – and is finding ready support Down Under.

Microsoft and R3, a consortium of 43 financial institutions, have formed a strategic partnership to accelerate the use of the blockchain technologies. The consortium includes Australia’s Commonwealth Bank, NAB, Macquarie Bank, and Westpac – with the ANZ appearing to be a notable absentee.

Blockchains are generally online ledgers for recording transactions becoming popular using digital currency bitcoin. But now financial institutions are experimenting with them as well to run their businesses more efficiently.

“The R3 partnership will help us to see what technology actually works, what combination actually works,” said Marley Gray, director of technology strategy at Microsoft. He added: “We see it as a tremendous investment for Microsoft.”