Blockchain has captured the attention of the technology and business world as a way to streamline business processes, verify transactions and reduce the chances of fraud. This article introduces Blockchain technolgy as a Service (BaaS) in Microsoft Azure, showing how it can be used to create a protected data structure and create a digital transactional distributed ledger.
There is a lot of internet literature about the blockchain and how it got started as a digital ledger for Bitcoin. A good introductory article on what blockchain is can be found at bit.ly/2IsoWeJ and for more technical information on how blockchain works, see "Blockchain Basics" article by Jonathan Waldman on the March 2018 issue
Blockchain is a secure, shared, distributed ledger that can be public, private, or consortium (that is, restricted to named members only). It is secure because it uses cryptography to create transactions that are difficult (if not impossible with current computing technology) to manipulate. Sharing between all nodes or peers in the chain is a store of data and, as you'll see shortly, business logic in the form of contracts. A R3 blockchain development value is actually tied directly to the number of entities participating in it. Critically, blockchain data and contracts are distributed, meaning there are multiple replicas of the database. And the more replicas there are, the more authentic it becomes. And finally,
I would like to reinforce this point about the blockchain going into a distributed ledger. Traditional ledgers are centralized and use third-party systems or intermediaries to approve and record transactions. Think of credit cards, banks, identity management systems, and the like. This approach creates a challenge of trust and scale. Do you trust the intermediary agent to act as the intermediary for all your transactions? Can the agent become a single point of failure? Can it be safe?
In a blockchain, ledgers are distributed throughout the network and there is no need for any third party system as a means of a transaction. The technology maintains multiple replicas of data, as shown in a peer-to-peer file sharing system, since both parties get a copy of the entire data set. No one owns all of it, but everyone owns a copy of it.
The first blockchain, Bitcoin, emerged in 2009, with clear limits. Like a digital ledger, it simply records transactions and does not keep track of digital asset account balances. Ownership of bitcoins is verified through links to previous transactions, following the history of blocks in the immutable recorded transaction chain. Furthermore, Bitcoin does not define any specific logic on how to control a transaction and the conditions, for example, that the two involved parties must agree to a cryptocurrency exchange.
Blockchain development technology evolved with the addition of smart contracts, which are small pieces of code that add logic to transactions. Think of smart contracts as a computer code representation of the legal terms in a contract for goods or services. New blockchain ledgers emerged on the market, most popularly going to Ethereum (ethereum.org) and Hyperledger Fabric (hyperledger.org), to add smart contract functionality to the network. In the following (Let's call them Blockchain 2.0) digital ledgers are now stored in a block of smart contracts and distributed to all nodes along with the related data
blockchain as service:
Blockchain on Azure provides a fast, low-cost, and low-risk platform for building and deploying blockchain applications. Azure basically offers Blockchain as a Service (BaaS) by providing several easy-to-deploy, enterprise-ready templates for the most popular ledgers, including Ethereum, Quorum, Hyperledger Fabric, Corda, and more.
Enough with the sales pitch, let's investigate some key capabilities of Azure BaaS, before we dive into setting up a specific ledger in the Azure portal.
Single node ledgers to simulate production environments for multiple divisions within a single organization.
Multi-node ledgers to simulate production environments for multiple divisions within multiple organizations.
Tools for the development of decentralized applications distributed on a chain of blocks.
Decentralized applications (dApps) are applications that run on a peer-to-peer network of computers rather than a single computer. In the blockchain context, think of a dApp as a client application that communicates with a smart contract to interact with the blockchain network. You can find a good introduction to dApps on the BlockchainHub
The key features of building a blockchain infrastructure on Azure are:
Establish protected from a secure environment that exposes the connection points. This can be done through Azure virtual networks, Azure App Services integration with virtual networks, or network security groups.
Development company the smart contracts, using any of the available development tools, such as Blockstack Ethereum Studio core or Truffle.
Automate the deployment of participant components, virtual machines, and platform-as-a-service components. This can be enabled by Azure Resource Manager and PowerShell scripts.
Protect access to data and logic with user authentication and authorization, by implementing Azure AD to protect applications and APIs.
Overall, building an architecture for enterprise solution integration with a blockchain ledger, leveraging Azure enterprise capabilities and worldwide distribution.
The blockchain is the decentralized database of the blocks of information, which gets recorded in the chain format and linked in a secured crypto graphical manner. This technology ensures proper safety of the data due to its secure nature, and it totally changes how people carry out transactions. It also brings about a faster and secure process of validating information needed to establish reliability.
Though blockchain technology came into the market to carry out only digital transactions, it is now used in various industries like supply chain, finance, health care, and many more.
The blockchain technology has made its position in mobile app development as well. Blockchain applications are transparent and accountable. From getting easy access to medical records and buying insurance, you can see blockchain applications everywhere.
Here are some of the areas where you can see the use of blockchain applications and how they have changed various industries.
Ripple is useful for increasing banking transactions. The implementation of blockchain technology in the financial sector is much more profound than any other sector. Ripple proves this. It is one of the greatest tools to record and complete financial transactions.
It develops a large network despite strict physical boundaries. As there is no such third-party involvement present, the cost of these transactions is lower than usual. At the same time, the network also remains transparent and quite secured.
It is normally seen that financial transactions that happen globally are
error-prone and take a lot of time. In addition to this, when the transaction
fees and exchange rates get added up, the total cost usually gets high.
However, Ripple offers real-time international transactions without spending too much money. It has the network of about 200+ institutions making the process affordable, secure, and fast for all sorts of international transactions.
This blockchain application helps in automating flight insurance. Insurance is another area where blockchain is gaining popularity. Through this application, insurers can make smart contracts rather than getting involved in the traditional contracts that are usually complex. Etherisc is the blockchain application that helps customers buy flight insurance. If the flight gets canceled or delayed, they do not have to wait for months to get the payment back. This application ensures an on-time payout.
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In all the market sectors, Blockchain technology has contributed to the redesign. The improvements that were once impossible have been pushed forward. Blockchain is one of the leading innovations with the ability to influence the various sectors of the industry. It also has the ability to be one of the career-influencing innovations at the same time. We have seen an increasing inclination towards the certification of the Blockchain in recent years, and there are obvious reasons behind it. Blockchain has everything to offer, from good packages to its universal application and futuristic development. Let’s address the reasons why one should go for Blockchain certification.
5 advantages of certification by Blockchain:
1. Lucrative packages- Everyone who completes their education or upskills themselves wants to end up with a good bundle, not only is one assured of a good learning experience with Blockchain, but the packages are drool-worthy at the same time. A Blockchain developer’s average salary varies between $150,000 and $175,000 per annum. Comparatively, a software developer gets a $137,000 per year salary. For a Blockchain developer, the San Francisco Bay area provides the highest bundle, amounting to $162,288 per annum. There’s no point arguing that learning about Blockchain is a smart decision with such lucrative packages.
2. Growing industry- When you select any qualification course, it becomes important that you choose a growing segment or industry that promises potential in the future. You should anticipate all of these with Blockchain. The size of the blockchain market is expected to rise from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. This will see an incredible 67.3 percent CAGR between 2020-2025. To help business processes, several businesses are outsourcing Blockchain technologies. This clearly demonstrates that there will be higher demand in the future for Blockchain developers and certified Blockchain professionals.
3. Universal application- One of the major reasons for the success of Blockchain is that it has a global application. It is not sector-specific. Blockchain usage cases are discovered by almost all market segments. In addition, other innovations such as AI, big data, data science and much more are also supported by Blockchain. It becomes easier to get into a suitable industry once you know about Blockchain.
**4. Work protection-**Surely you would like to invest in an ability that ensures job security. You had the same chance for Blockchain. Since this is the technology of the future, understanding that Blockchain can keep up with futuristic developments will help in a successful and safe job.
**5.**After a certain point of your professional life, you are expected to learn about new abilities that can help enhance your skills. Upskilling is paramount. Upskilling oneself has become the need for the hour, and choosing a path that holds a lot of potential for the future is the best way to do this. For all computer geeks and others who want to gain awareness of emerging technology, Blockchain is a good option.
Concluding thoughts- opting for Blockchain certification is a successful career move with all these advantages. You will be able to find yourself in a safe and secured work profile once you have all the knowledge and information. Link for Blockchain certification programme with the Blockchain Council.
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The invention of the internet in the mid-1900s had a revolutionary impact on communication technology. Since then, there has been nothing as disruptive as blockchain the way it is impacting procurement and shaping up industrial presence.
Now if your curiosity is piqued, let me tell you a thing or two about blockchain and its impact on procurement at a concept level without drilling into its anatomical detail. This will help you grasp the definition much easily. It’ll also give you the foresight to understand how leveraging blockchain will be a tremendous breakthrough in fulfilling your procurement objectives.
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So, blockchain in simple language is a shared database that is omnipresent across multiple computers at any given time. It is like a growing set of data or ‘blocks’ that continue to build on with timestamp with linkage to the previous block thus forming a chain. Blockchain database is owned by more than one person on a shared network. Any block added is irreversible which prevents data manipulation. Via blockchain, data recorded today is saved for posterity.
Although the blockchain is a shared network of data with multiple users, there’s one single initiator who owns cryptographic key that helps add a new record to the chain and enables synchronization of data across the network. The key prevents violation of transactions performed on this platform.
Here’s an analogy: In medical bookkeeping, every medical record can be considered a block with a timestamp. This builds a medical history which neither a doctor nor a patient can modify or alter although the doctor owns the key to add new records and the patient owns the key to access the same thereby keeping medical information intact between the intended parties.
For long, the procurement industry has been examining blockchain to leverage its fullest potential; it is trying to understand its significance in business processes.
WHY SHOULD THE PROCUREMENT INDUSTRY LOOK INTO BLOCKCHAINS?
For the procurement industry, blockchain is a boon and here are three key benefits:
Invincible & Forever
The blockchain is a safe method that requires no trust, and the procurement industry can smoothly run its transaction on it. It is through cryptography that blockchain technology leverages to ensure digital identities of parties involved are established correctly. And as discussed earlier in the example of the medical bookkeeping, there are private keys owned by parties involved in the transaction and hackers cannot replicate them. Procurement functions leveraging blockchain can rest assured that their transactions will never expire and data accumulates timelessly for easy reference.
Borderless & Speedy
Blockchain transactions perform borderless by incorporating local tax and regulatory laws through smart contracts thereby expanding the scope of one’s business. Because of digital ledgers that blockchain distributes across a permitted network, paper-based invoicing that is tedious and time-consuming is obsolete. It is fair to say that since a blockchain transaction is recorded across multiple parties; it establishes seamless supply-chain points which is a commendable feature for the procurement industry to benefit from.
Visibility & Exploitation-Proof
For spend-analysis, blockchains offered end-to-end visibility for any category and given that the records are indestructible and not vulnerable to data-manipulation, all kinds of fraudulent possibilities are stalled. In fact, if there’s any kind of human joy that blockchain as a technology assures procurement is its ability to prevent child labor, slave employment, money laundering, diamond mining for war-funding, etc. So, if you are in the procurement industry, you can leverage blockchain to establish an audit trail to ensure your business is guarded against any nuisance.
To get in-depth knowledge of this technology and to develop skills to make a great career in this regard one can opt for Blockchain online training Hyderabad.
Your key takeaways include:
Understand how blockchain works
Common apprehensions about blockchain
Benefits of blockchain for procurement
Impact of blockchain on procurement’s future
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