The blockchain is one of the most transparent systems ever, not to mention totally verifiable, and it will change how people the world over exchange assets and values, build contracts and enforce them and how data is shared.
Blockchain technology is a secure, distributed ledger of transactions that is decentralized and now businesses are beginning to harness the power of the blockchain to enable a brand-new class of next-generation applications.
Now, with the blockchain on Microsoft Azure, business users can share processes and data, eliminating waste, cutting down of fraud risks and creating new streams of revenue.
How Are Businesses Using Blockchain?
- Financial Services Industry – blockchain is applied across capital markets, banking and insurance industries to help eliminate the middle-man, enable more efficient collaboration and create brand-new disruptive business models.
- Supply Chains – blockchain can help quickly resolve disputes, and can add visibility and transparency to the supply chain enabling a consistent real-time view.
Why Use Blockchain on Azure?
- To simplify development by cutting development time and using modular networks and infrastructures that are preconfigured.
- Up and running at speed – blockchain scenarios can be iterated and validated very quickly with connections to Azure built-in, along with tools you already know how to use.
- Confident Innovation – scale as you need to and keep everything secure with a cloud platform that is open, global and trusted.
Perhaps the most common of the blockchain patterns is asset monitoring enabled by IoT.
The asset is monitored as it traverses a supply chain with multiple parties and a good example would be the refrigerated transportation of goods that are perishable because, throughout the entire transportation process, they must meet specific compliance rules.
The initiator, perhaps the retailer, will specify the conditions of the contract – temperature range, humidity, etc. – that must be strictly adhered to along the supply chain.
The contract is a smart contract that, should the device take a reading that does not comply with the contract, it will update to indicate that compliance is not being met; a transaction gets recorded on the blockchain and remediating events, also entered into the contract, is automatically triggered. Everything is visible and the entire transaction, from start to finish, is transparent and verifiable.
Learn about Microsoft Azure and Hybrid Cloud Applications.