The Blockchain on Azure, building a better future!
Nowadays it seems like everyone is talking about the blockchain and all the possibilities. This technology is rapidly gaining popularity amongst people and organizations. But what is the blockchain technology exactly and is it worth investing in? In this blog we’ll try to give you a clear explanation of this technology and the possibilities within Azure.
First off: what is the blockchain technology?
The term blockchain was born in 2008 when it was first introduced along with the Bitcoin as it’s first application by its mysterious creator(s) named ‘Satoshi’. Satoshi published a document of 8 pages long describing the concept and how it enables users to share data eliminating the need of a third trusted party in between transactions.
Microsoft explains: ‘’At its core, a blockchain is a data structure that’s used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers.
The result is a more open, transparent, and verifiable system that will fundamentally change the way we think about exchanging value and assets, enforcing contracts, and sharing data. A growing number of enterprises are investing in blockchain as a secure and transparent way to digitally track the ownership of assets across trust boundaries, reimagine shared business processes, and create new models for cross-organizational collaboration.’’
It’s needless to say that Bitcoin and cryptocurrencies are just the tip of the iceberg. There are endless possibilities for the blockchain technology and this opens many new doors for consumers as well as organizations.
With this much potential it is said that this technology will be as groundbreaking as the introduction of the internet back in the nineties.
Different types of structures
At the moment there are three definable types of blockchains: The public, hybrid and private blockchains.
Public blockchain: This is an open system and no one can be excluded to partake in it. That means anyone can create an account and make and view transactions.
Hybrid blockchain: A closed environment where different parties work together to share transactions and data. For example a logistics chain where all parties involved can trust and view all data from a to b.
Private blockchain: This type of blockchain can be used within organizations where sensitive data and processes that are shared between departments and branches can be trusted.
Could blockchain be interesting for your organization?
With the blockchain technology all parties can view the data without being able to change it, this makes it an extremely transparent process. All parties can track and check all transactions throughout the entire chain. Your organization could also profit from this technology. By educating yourself about this technology it could get you a step ahead of your competitors.
Ask yourself the following questions:
- Is there more than one party sharing data? Would a complete, reliable and shared record system be an advantage for all parties included?
- Is there more than one party responsible for udating this data? Would a system where multiple participants could view and spread transactions lead to more efficiency and accuracy?
- Is there a need for verification? Would a system preventing fraud lead to more transactions and trust between the business partners involved?
- Is there a need to eliminate third parties? Would a direct transaction be cost efficient or make processes less complicated?
If one or more questions can be answered with a ‘yes’ it’s probably a good idea to start investigating how the blockchain technology could boost your business.
Get started with Microsoft Azure
Microsoft Azure offers a platform for developing, testing and implementing all different types of blockchain structures. Developers are able to quickly create a test environment. Blockchain on Azure supports a rapidly growing number of distributed ledger and AI technologies that address specific business and technical requirements for security, performance, and operational processes.
You can use their easy to deploy templates for the most popular ledgers and plenty of tools to help you reduce the time you spend building and configurating your blockchain’s network infrastructure.
Microsoft works with trusted partners like the Azure Blockchain service, R3 Single Network, Hyperledger Fabric, EEA Single Member and Chain Core Developer Edition.
Already convinced? Contact Referit for more information and all the possibilities with Azure: firstname.lastname@example.org