Cloud Blockchain: four great options [to get started]

Cloud Blockchain: four great options [to get started]

In recent years, cloud computing has undergone a significant change. It is an option that has overcome the doubts about security that haunted it in its beginnings and has gone from being a standard work model. The advantages it generates lead to the conversion of many business models that previously required startup investments, such as installing software on client computers, to service business models (SaaS ). Now the turn has come to the implementation of the cloud blockchain.

Blockchain solutions in the cloud

Following a similar scheme, large cloud solution providers such as AWS, Azure or IBM have created a BaaS model, Blockchain as a Service, to simplify the implementation of Blockchain in organizations that need to be properly companies in the ICT sector. In this way, it is easier for organizations to focus more on their business areas without worrying too much about connection, certification, development, support or infrastructure issues.

 

1. Azure Blockchain Service

Microsoft was one of the first providers to provide BaaS when it partnered with Consensys to develop the Azure Blockchain Service in 2015. This service aims to enable developers and enterprise customers to experiment with blockchain technology with a ” blockchain development environment based on the cloud with a single click.” Microsoft Azure enables users to build public, private, and consortium blockchain environments with industry-grade solutions.

Additionally, Microsoft offers the Azure Blockchain Workbench. This service is a template offering geared towards helping clients get started with their Blockchain PoCs. These templates are responsible for configuring the end-to-end blockchain application, including the different services, such as the web client, the service bus, etc. When deploying a Workbench instance, the user can choose to implement the blockchain node using an Ethereum-based template.

2. IBM Blockchain Platform

For its part, IBM, since February 2019, has supported deployments for Hyperledger Fabric 2.0 with the IBM Blockchain Platform and continues to add additional capabilities around the new decentralized management of the smart contract lifecycle and other new improvements. 

 

1. Amazon Managed Blockchain

On April 30, 2019, AWS announced the availability of its Amazon Managed Blockchain solution as a new Amazon cloud web service. It provides a solution to have an immutable and multi-party verifiable ledger for transacting without a trusted central authority. This solution makes it easy to set up, deploy, and manage scalable blockchain networks using open-source solutions like Hyperledger Fabric and Ethereum.

Additionally, AWS offers the Amazon Quantum Ledger Database service, QLDB, which would use the concept behind Blockchain without including the power of distributed ledger technology, providing a centralized ledger that records all changes to application data. And keeps an immutable record of these changes.

 

4.ChainStack

Without claiming to be exhaustive, other BaaS we can mention are ChainStack, the Corda-managed service for deploying R3 nodes, and SAP’s Leonardo, which makes it easy to prototype, build, and deploy smart contracts and blockchain solutions on the SAP cloud.  

When we look at the costs associated with blockchain solutions, the total cost of ownership is expected to be high due to startup costs (infrastructure, staff, software, licenses, hardware, consulting, and more), retirement costs (dismantling of racks of servers) and operating costs (monitoring, cost per transaction, bandwidth expenses). 

The use of the services that allow us to build these solutions in the cloud allows a substantial reduction while accelerating the entire deployment process. This is why BaaS is a promising offering that will help companies prepare for the future with scalable solutions based on blockchain technology.

Five important benefits of Blockchain

reinforced security

Your data is sensitive and crucial, and Blockchain can significantly change how you view your critical information. By creating a record that cannot be changed and is encrypted end-to-end, Blockchain helps prevent fraud and unauthorized activity. Privacy concerns can also be addressed on the Blockchain by anonymizing personal data and using permissions to prevent access. The information is stored on a network of computers rather than on a single server, making it more difficult for hackers to see the information.

Greater transparency

Without Blockchain, each organization must maintain a separate database. Because the Blockchain uses a distributed ledger, transactions and data are recorded identically in multiple locations. All network participants with authorized access see the same information simultaneously, providing full transparency. All transactions are recorded with immutability and are date and time-stamped. This allows members to view the entire history of a transaction and virtually eliminates any opportunity for fraud.

Instant traceability

Blockchain creates an audit trail that documents the provenance of an asset at every step of its journey. This is particularly useful in industries where consumers are concerned about environmental or human rights issues surrounding a product or in an industry with counterfeiting and fraud issues. With Blockchain, it is possible to share provenance information directly with customers. Traceability data can also expose weaknesses in any supply chain, where goods can sit at a loading dock awaiting transit.

Increased efficiency and speed

Traditional paper-intensive processes are time-consuming, prone to human error, and often require third-party mediation. Optimizing these processes with the Blocckchain allows transactions to be completed faster and more efficiently. Documentation and transaction details can be stored on the Blockchain, eliminating the need for paper. There is no need to reconcile multiple records, so clearing and settlement can be much faster.

Automation

Transactions can even be automated with “smart contracts,” which increase their efficiency and further speed up the process. Once the pre-established conditions are met, the next step in the transaction or process will be automatically activated. Smart contracts reduce human intervention and reliance on third parties to verify that the terms of a contract have been met. In the insurance industry, for example, once a customer has provided all the necessary documentation to file a claim, the claim can be automatically settled and paid.

How industries benefit from Blockchain

Blockchain benefits supply chains and the food chain.

Building trust between trading partners, providing end-to-end visibility, simplifying processes, and resolving issues faster with Blockchain add to stronger and more resilient supply chains, resulting in better business relationships. In addition, participants can act in advance in case of interruptions. In the food industry, Blockchain can help ensure the safety and freshness of food and reduce waste. In the event of contamination, food can be traced back to its source in seconds instead of days.

Blockchain Benefits of the Banking and Finance Industry

When financial institutions replace aging processes and paperwork with Blocckchain, the benefits include eliminating friction and delays and increasing operational efficiencies across the industry, including global trade, trade finance, clearing and settlement, credit banking, and more: consumption, loans and other transactions.

The future of humanity in the hands of 6G

Blockchain Health Benefits

In an industry troubled by data breaches, Blockchain can help the healthcare industry improve the security of patient information while facilitating the sharing of records between providers, payers, and researchers. Access control remains in the hands of the patient, increasing confidence.

Blockchain benefits the pharmaceutical industry.

As pharmaceuticals move through the supply chain, every action is recorded. The audit process indicates that an item can be traced from source to pharmacy or retailer, helping prevent counterfeiting and allowing manufacturers to locate a recalled product in seconds.

Blockchain Benefits in Government

Blockchain can help governments work smarter and innovate faster. Secure data sharing between citizens and agencies can increase trust while providing an immutable audit trail for regulatory compliance, contract management, identity management, and citizen services.

Blockchain benefits for insurance

Insurance companies are using Blockchaiin and smart contracts to automate manual and paper-intensive processes like underwriting and claims settlement, increasing speed and efficiency and reducing costs. Blockchain’s faster, verifiable data exchanges help reduce fraud and abuse.

Main applications of blockchain technology today

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3. Main applications of blockchain technology today

The Blockchain is a technology that allows us to carry out and execute different types of digital transactions without the need for the intervention of third parties and intermediaries. The grace of this type of technology lies in the fact that, in addition to dispensing with third parties, transactions can be done quickly, securely and decentralized. Theoretically, it was developed in the 90s of the 20th century. Still, blockchain technology has begun to see its applications boom in the first half of the 21st century.

In this article, we will not only tell you about the applications of blockchain technology, but we will also see how with the right training, you can become professional in this sector and get the most out of it. With a good course on Blockchain Development: tools and technologies, you will be able to start operating and working with this technology and advise others to get involved in this field. And is that it is a sector with a great future.

Blockchain Technology Applications

As we have seen, at a theoretical level, bllockchain technology was developed in the early 90s. However, the first applications for it would arrive in the 2010s. Since then, new applications for blockchain technology have been in different sectors and types of companies. Some of the most important uses for it are found in the following:

Finance

Different cryptocurrencies’ development and expansion have revolutionized the financial markets. Cryptocurrencies, especially bitcoin, are classic examples to see the applications of blockchain technology. It is a virtual and decentralized currency that allows all kinds of transactions to be carried out.

Cryptocurrency transactions are more secure and save management costs for those involved. To carry them out, the use of Blockchain is necessary since the chains of blocks encrypt and decrypt the transactions that are carried out and ensure that everything works as it should.

smart contracts

Smart contracts or smart contracts work like a normal contracts. It is an agreement between two parties, with certain conditions that both must meet to reach it. In this case, blocckchain technology guarantees compliance with the conditions, and new levels of responsibility are added for the parties involved in the contract.

In this way, smart contracts are becoming one of the most important applications of blockchain technology today. And it is that this type of contract implements a series of rules that are applied in real-time in the chain of blocks; thus, as with cryptocurrencies, intermediaries and management expenses are eliminated.

Internet of things (IoT)

The Internet of Things (IoT) is a set of related technologies that share data and information normally stored on devices with access to the cloud. In this way, the data is everywhere, and it is easy to access it. When it comes to Blockchain and the applications of this technology in IoT, the chain of blocks serves to secure the data collected.

It is one of the applications we mentioned that is still under development, but it has a great future for the decentralized system that Blockchain offers us.

health and sanitation

As in the previous case, blockchain technology’s applications in health and social healthcare are still under development, but it is also one of the promising fields for this type of system in the medium and long term. How can you help in this area? One of the ideas revolves around cost reduction for the different health systems.

Logistics and Transportation

The use of Blocckchain in logistics transactions guarantees transparency and security. This is one of the applications of this technology that has the longest journey right now. It has been implemented in different logistics companies to improve the monitoring and traceability of the products and merchandise they work with.

Non-fungible tokens (NFTs)

Another of the applications that are gaining points in the last year is NFTs (non-fungible tokens). It is, in short, exclusive digital art. In these cases, the Bloockchain guarantees and signs that a specific work is a certain author’s original in its digital version.

As we said, the chain of blocks serves to authenticate and ensure the integrity of the data and transactions it executes. With its use, it can be guaranteed that you have ownership of an exclusive piece of art, which gives it a higher value than the copies that can be found and not digitally signed.

Video game

Video games are another of the great applications of blockchaain technology. In them, the chain of blocks can be used, for example, for players to sell or buy unique items in combination with NFTs. On the other hand, blockchain games known as play-to-earn have also been created. This means that the possibility is offered for players to earn money or cryptocurrencies by playing video games designed for it.

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Cloud Blockchain: four great options [to get started]