is azure blockchain cloud the future of cloud computing
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Sysfore Technologies
#117-120, First Floor, 4th Block, 80 Feet Road, Koramangala, Bangalore 560034
IS AZURE BLOCKCHAIN CLOUD THE
FUTURE OF CLOUD COMPUTING?
Is Azure Blockchain Cloud the future of Cloud Computing?
Azure Blockchain as a Service (BaaS) is the new and experimental cloud
technology service which Microsoft Azure is offering for its Platform as a
Service (PaaS) customers. It is trying to create a marketplace for the
blockchain, the distributed ledger technology on which bitcoin is built. IBM is
the other adopter of this new cloud service, through its Bluemix Cloud service.
Sysfore can give you all the facts about Bitcoin cloud technology. Before going
into how Bitcoin cloud works, you need to understand what the Bitcoin
technology is.
What is a Bitcoin?
Bitcoin is the currency of the Internet. It is a distributed, worldwide,
decentralized digital money. Bitcoins are issued and managed without any
central authority whatsoever. It is completely decentralized, with no
government, company, or bank in charge of Bitcoin. Due to this decentralized
nature it is resistant to wild inflation and corrupt banks. You can be your own
bank.
What is A Blockchain?
A Blockchain is a decentralized ledger (database of transactions) powering
Bitcoin-like digital currencies. This ledger is public and duplicated across a
“peer to peer network” while maintaining a coherent state (agreed upon by all
participants) without requiring trust or a central authority. The inherent
redundancy of duplicating the entire ledger on every node of the network
removes the single point of failure common to traditional databases.
Transaction validity is ensured cryptographically. In this Bitcoin network, the
incoming transactions are bundled into a new “block”, after a specified time.
The chain of blocks (hence “blockchain”) constitutes the agreed upon state of
the ledger.
Changing a block becomes difficult, the deeper it is in the chain. The blockchain
security depends on the computing power that secures the network through
the process of “mining” new blocks. To change the state of the ledger, requires
a lot of computational resources to overwhelm the rest of the network.
BaaS Benefits of Blockchain and Distributed Ledger Maintenance on Cloud:
The Blockchain as a Service model (BaaS) is still an experimental cloud service
model, but it represents a changing perception in the mainstream adoption of
Blockchain technologies. Pioneered by IBM and Microsoft, there are some of
the benefits of this model such as:
Seamless blockchain provisioning experience: Both Bluemix and Azure
provide a very simple model to create blockchain as part of its PaaS
environments.
Elastic scalability: BaaS models simplify the experience of adding and
removing nodes to a blockchain network.
Global availability: By leveraging technologies like Azure and Bluemix,
developers can provision blockchains in any region of the world. No
restriction on time or geographical location for accessing the Ledger
details.
Interoperability with other PaaS services: BaaS models facilitate the
implementation of blockchain applications that leverage many of the
existing PaaS services in a consistent manner.
Sophisticated DevOps experience: The experience of deploying,
managing and operating blockchain networks becomes simpler in PaaS
environments.
Simpler programming models: By abstracting the underlying blockchain
infrastructure, BaaS platform should be able to offer simpler
programming models to create blockchain applications.
Stringent security measures: Ledgers cannot be viewed by unauthorized
party.
Universal access to all who are part of the transaction processing only.
Cost effective solutions – Database maintenance cost for the Financial
and Non-Financial Institution will be nearly NIL. Institutions will
overcome need to buy a bigger data base and space.
Effective disaster recovery solutions, transparency of data and
transactions, no data loss concerns.
Future of Blockchain Technology:
While Blockchain technology is most closely associated with cryptocurrencies,
the potential uses of the decentralized and distributed ledger software, which
can store complete transaction histories, are much wider. Applications in the
financial industry, real estate, back office systems and stock trading are all
being investigated by a range of companies at the moment.
You can contact our Cloud experts for more details on this latest cloud service offering at
[email protected] or call us at +91-80-4110-5555.