Blockchain and Cloud Services
What is Blockchain?
Blockchain is a technology that is able to build a transparent and verifiable system that some predict will change the way people think about online exchanges. Businesses are utilizing blockchain technology as a common data layer to enable a new class of applications. It helps multiple organizations share data between them.
Oasis Labs is a newly-funded startup that is building a blockchain platform based on cloud services. Oasis is focusing on privacy-preserving smart contracts by scaling complex application workloads and rich programming support with machine learning within an online contract. More information can be found at https://www.oasislabs.com.
Oracle Cloud Service provides autonomous blockchain services. Its goal is to accelerate the speed of business-to-business transactions. The service provides a reliable way to share data involved with transactions with suppliers, banks, and other trade partners through integration with cloud-based applications. The Oracle Blockchain Cloud Service is able to increase business velocity, reduce operating costs, and reduce the instances of fraud and regulatory noncompliance. Increasing security in the network is achieved by the digital endorsement of multiple peers. A service administrator is able to use the Oracle Blockchain Cloud Service web console to configure the blockchain and monitor its operations. More information can be found at https://www.oracle.com/cloud/blockchain/index.html.
Microsoft Azure’s blockchain services can greatly simplify development, increase production speed, and innovate with confidence. There are a lot of businesses currently utilizing Azure’s blockchain services. Professionals at accounting firm Ernst & Young, for example, have used the blockchain service to build Insurwave, the world’s first blockchain platform for marine insurance. Blockchain technology has enhanced its security, scalability, and rapid solution building. Calculating insurance prices involves insurance providers, reinsurers, claims handlers, surveyors, adjusters, agents, customers, port authorities, and others. This complicated process makes regulatory compliance challenging and can result in errors. The process can take years, but it blockchain has greatly reduced the price of marine insurance premiums. More information can be found at https://azure.microsoft.com/en-us/solutions/blockchain/.
All-in-all, there are a lot of businesses that are already using blockchain services on the cloud. Blockchain technology is being gradually integrated into real-world business practices. Using blockchain technology on cloud platforms is making implementation easier for businesses because it shortens the time of applying such technology to a company’s operations.
Written by Yan Zimo, Edited by Jack Vasquez & Alexander Fleiss
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