The blockchain is now in the mainstream technology space. Software giant, Microsoft has not been left out as well as it has incorporated the technology on its Azure cloud platform. The development was not just because everyone is doing it. According to the information on its website, Microsoft emphasizes the following benefits on why businesses should use blockchain on Azure.
Creating apps and software from scratch can be time involving. The Azure blockchain allows business owners to cut on development time by applying an infrastructure and network that is already preconfigured.
Get up and running quickly
The blockchain has a collection of tools that you are already familiar with. It is a one-stop like shop for all the Microsoft tools which makes it easy to perform different business functions.
Innovate with confidence
The blockchain is secure and transparent. You do not have to worry about your data security which is essential for business growth.
Developers have been working tirelessly to unlock the potentials of blockchain to business owners. In November 2018, Microsoft introduced the Azure Blockchain Development Kit which is based on Microsoft’s server-less technologies. The kit integrates blockchain technology with the best of Microsoft and 3rd party Software as a Services (SaaS) models. According to Microsoft, this tool is the first step that business owners need to take to re-invent how they do business. The kit is still under development. However, the main focus is on three major items which include;
Various developers need to allow business owners, consumers, and devices to connect to the blockchain. There are multiple ways of connecting all the players, but it should be transparent.
A good example is when we apply this kit on the supply chain of coffee from Brazil.
The small scale farmers from Brazil can transact and also track the progress of the coffee while on transit. There might be climate changes while goods are on transit. Those on the supply chain can see humidity and temperature drops and rises through the blockchain.
Manufacturers, wholesalers, and retailers can interact with the network. They can interact with smart contracts and execute orders after the blockchain validates the transactions.
The disconnect between various business functions is the reason behind inefficiencies in many organizations. This kit applies blockchain and smart contracts to enhance multiparty business processes. Some of the things business owners can integrate using this kit include d
Trust has always been an issue when it comes to business transactions. We have 3rd parties to ensure that people get paid for products that they deliver. Smart contracts come into play where they execute automatically once the players meet certain pre-set conditions.
The Azure blockchain network uses the Ethereum Proof-of-Authority consensus to validate transactions. The validators of the network are known and are usually part of the business that uses Azure as a business solution.
Big companies like Maersk are already using Azure to simplify the shipping process through Insurwave, more companies are expected to come on board.