Looks like a CRDT/Operational Transform server/pubsub as a service. There are also some open source frameworks on GitHub which doesn't depend on Azure.
https://github.com/automerge/automerge https://github.com/share/sharedb
https://github.com/automerge/automerge https://github.com/share/sharedb
Incidentally, Microsoft is probably the only big tech co that could perhaps profit from dweb-style tech.