Microsoft is set to unveil a game-changer into the blockchain technology named “Blockchain as a Service” (BaaS), this innovative product will allow enterprises across the different sphere of trade to introduce flexible instances of Ethereum which is invented simply to reinforce the commercial environment.
Earlier this week, Microsoft announced that Ethereum proof-of-Authority on Azure permits enterprises to build applications on an Ethereum which is not secured by a proof-of-work (PoW) consensus algorithms which may imply that mining is not required in any form whatsoever. This system seeks to boost the confidence of participants as opposed to other networks where participants do not trust one another.
Cody Born who is the software engineer at Azure Global as described POW as that which “works great in anonymous, open networks where cryptocurrency promotes security on the network,” he also proceeded to state that “However, in private/consortium networks the underlying ether has no value.”
The veteran software engineer gives further explanations stating that since all participants are on a blockchain network for enterprises that are identified with a high level of reputation which means that governance will be clearly separated from network operation.
On-Chain Voting: Proof-Of- Authority Enabled Feature
According to Microsoft, the Proof-of-authority product has an enabling capacity to have network administrator to engage in on-chain voting. This is owing to the capacity of the built-in decentralized Application (DaaP or dApp) entitled “Governance DApp.” It provides participants with the network or delegates their voting power to others. Also, the participant can also assign other nodes to vote in their place peradventure their primary nodes go offline, thereby ensuring that all members maintain regular unanimous participation.
As the blockchain technology is reputable for its transparency, the network administrator in their capacity can use the on-chain voting system to cast their votes on and alter network authorities in the usual transparent and auditable way.
Alongside the Azure’s authentic Ethereum product based on POW, blockchains will be programmed in such a way that it will use this new consensus model and can, therefore, be deployed in a very short while of about six minutes or less. Consequently, it provides enterprises with a “single-click” DLT solution.
Increasing the product’s usability, Ethereum of Microsoft will have its primary programming language to be familiar with programming languages such as C, C++, and Rust instead of learning solidarity. Also, it is worthy of note that the possibility of this project is hinged on the support for smart contacts built using parity’s Web Assembly (wasm) toolkit which has been an enabling factor letting development write smart contracts.
The blockchain technology appears to have several practical applications on an enterprise level, and this can be regarded as a factor which makes the Microsoft-Azure and CosenSys Ethereum to be worthy of a considerable note. Most especially the banking and financial sector at large is now made keen on implementing the blockchain technology which is evident in the JP quorum technology.
The invention of the Ethereum by Microsoft’s enterprise partners will open the gate of possibilities into different sectors as a spectrum of applications can be enabled such as cloud storage, employee compensations, smart contract enabled agreements, electronic voting, supply chain oversight and more. Head of Business Development at IOTW, Kartik Mehrotra opined that:
“This will greatly simplify several task for enterprises and allow them to focus on their core activities thereby enhancing their revenue and key skills. Additionally this partnership will compete with existing and upcoming enterprise blockchains such as vechain, quorum, hashgraph and R3 corda.”
The rate at which reputable and credible company such as Microsoft, Sony, IBM and so on throw their weight behind blockchain technology on an enterprise level and will consequently compel competitors such as Adobe and the likes to consider a rethink of strategy.