Ready to use blockchain to your advantage?
The companies that are evaluating their adoption seek their disruptive potential to define new business models, increasing transparency, minimizing the possibilities of fraud and reducing the cost of reconciling transactions, among other benefits.
Everything points to 2018 being the year of Blockchain's takeoff. This is indicated by the volume of companies that have launched technology pilots and by the real business scenarios that they have begun to implement through the development and implementation of blockchain solutions.
Currently, there are three types of Blockchain networks based on different participant association modes:
Public: Anyone in the world can validate, register and consult transactions in the registry book (the best-known case of a public network is Bitcoin).
Private: Write permissions are kept centralized in an organization. Read permissions are granted by the owner of the network and may be public or restricted.
Consortium: The consensus mechanism is controlled by the group of participants (consortium). Blockchain reading permission is restricted to participants - as in the private type - but the consortium can grant reading permissions to external entities. Today there are some 25 consortiums, where 52% of them belong to the financial sector (Examples are R3 in the financial sector, B3i for insurance or Dutch Logistics Group, application in logistics scenarios).
Due to its origins, Blockchain is very much associated with the financial sector. However, its ability to digitize any asset, to be able to register ownership over them and to allow property change transactions, makes it easier to find application scenarios in all industries:
Evolution of Blockchain
Since the appearance of Bitcoin, Blockchain has evolved enabling new scenarios that transcend the record of transactions between individuals.
The first version is linked to the appearance of the Bitcoin cryptocurrency and allows the registration of transactions between peers. The record bookstores the digital signature of the entities (individuals, car), along with complementary information such as property relations, events and changes in those property relationships.
The second version enables Smart Contract with the Ethereum, which implements the existing logic in the terms and conditions of any physical contract so that they last until it expires. The Smart Contract is self-executing and reacts to specific events and messages. Based on them, it performs actions and transfer of assets between the parties, leaving a record of everything, so it is completely transparent for audit purposes and regulatory compliance.
The third version allows to satisfy the necessary business requirements in the adoption of a technology as well as, for example, the management of certificates and identities, the management of the encryption, the exploitation of the data that there is in the Blockchain with data services and machine learning, monitoring, management and operation of the platform.
Because of the importance of technology and the opportunities it opens, Microsoft has been betting on it for some time now and has just launched Blockchain as a Service (BaaS), a complete stack of modular logic to build Blockchain-based business consortiums, using Azure as a cloud platform. Among its main advantages it allows the following:
BaaS has a Base Platform that allows using almost any Blockchain implementation of the market (Ethereum, Ripple, Open Chain ... etc.) And with a Middleware that provides basic services to build solutions on that platform.
The basic services in the Middleware consist of:
Blockchain Gateway Services, to provide transactional integrity to operations between different registry books (e.g.: transfers of financial instruments in a supply chain that transcends Blockchain networks of different suppliers). Coco Framework, recently announced by Microsoft, enables the creation of highly scalable and confidential Blockchain networks, allowing the integration of node networks based on different existing market protocols (Corda, Ethereum ... etc.).
Data services, Big Data, Machine Learning, Advanced Analytics, Business Intelligence for Smart Contracts, Blockchains, Consortia and Regulators.
Management and operations, tools for the deployment, management, and operations of registry books distributed in business consortiums.
Kenneth Evans is a Content Marketing Strategist for Top App Development Companies, a research platform for app development companies in USA, UK, India, UAE, Australia and around the world. He has been contributing to various blogging platforms and Forums.