Global software magnet Microsoft is taking strides to encompass everyday business transactions within the spectrum of the distributed ledger system – Blockchain, which underlies all the cryptocurrency transactions.
Blockchain Technology fosters secure transactions on a global platform using virtual currencies like Bitcoin and Ethereum. Such type of trading does not require the intervention of any third party intermediary to exercise overall control. Working with ease on shared computing resources, and public cloud network like Microsoft Azure this cutting edge technology can make full utilization of the power of global data centers.
Marley Gray, the principal program manager of Blockchain engineering group of Microsoft Azure has announced in a blog post that basic cloud plumbing has already been made available for its Blockchain network. Thus they are focusing on an application building for customer use based on the architecture of the basic plumbing setup. This requirement has paved way for Enterprise Smart Contracts to enter into the action arena.
These contracts will earmark the various components to be used in Blockchain based applications which are dependent on Azure components like Azure Active Directory and Azure Key Vault for their functioning. The Azure Active Directory contains user identity and allows users to access specific resources for which they have prior authorisation. The Azure Key Vault serves the storing and maintaining functionalities of business encryption keys.
It might sound a bit too technical at present by Enterprise Smart Contracts can actually cause a paradigm development in areas concerning schema or data structure definition which gets used in various transactions, setting up business rules forming the ground for transactions, delegating authority to parties for overlooking the transaction flow and maintaining the transaction amount’s ledger or original source.
This latest move by Microsoft will soon be followed by its rival IBM for capitalizing on the Blockchain bubble.
Microsoft showed its interest in the cryptocurrency market two years back with the introduction of its “Blockchain as a service” plan. The next year it brought forward its Project Bletchley which added another software layer to foster Blockchain based applications. And with its latest offering in the form of Enterprise Smart Contracts, Microsoft is surely going great guns in banking on this ever widening craze which is sure to yield great payoffs in days to come.
Read some used cases of application of Blockchain Technology in varous sectores. Click here
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