Blockchain for business uses a shared and immutable ledger that members can only access with permission. The members inside the blockchain network can control the information shared between organizations or members within the network. With blockchain, members of the network do not require to trust the other member or organization, this is because blockchain is a “trustless” network, with the mechanism of blockchain people can exchange information without trust-based.
Blockchain-as-a-Service is using blockchain technology with cloud-based networks to help enterprises create their blockchain applications. In tradition, blockchain requires organizations to have the ability to build and maintain their blockchain network, and even develop their own cryptocurrency and consensus. With BaaS, enterprises could focus on building their blockchain application and the cloud platform will handle all the things behind the blockchain.
With blockchain, we could enhance data security and integrity. Blockchain provides a transparent ledger to record your data. Blockchain is developed base on an encryption method called Cipher Block Chaining (CBC).
By using the blockchain system to store data for your business operation, it could be cost-saving, fast, efficient, and automated. It will also reduce the time for doing paperwork recording ledger for third parties or middlemen to verify every transaction, which leads to it chain could be auditable for the enterprises.
BaaS on Azure
Azure provides different cloud native services to let you build your own blockchain application on ConsenSys Quorum Blockchain Service, Azure Confidential Ledger and even on the database it has on Azure SQL Database ledger.
Quorum Blockchain Service
It is a fully managed ledger service that gives enterprises the ability to grow and operate blockchain networks at scale. Enterprises could use the self-own blockchain to save ledger with the benefit of cost-saving, mitigate risks, increase speed-to-market, quick to consortium and easy deployment.
Azure Confidential Ledger
It is a ledger database to ensure your sensitive data records remain intact over time. It runs on a minimalistic trusted computing base (TCB) that let you keep cloud providers, service administrators, datacenter technicians out of the data source to protect your data integrity.
Azure SQL Database Ledger
It provides tamper-evidence capabilities in your database to store your data in a cryptographic method. Information plans to share with third parties, auditors or your business parties could access through the database ledger.
In the next chapter, we will share some use cases using Azure Blockchain services to empower their business operation.
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Thank you for reading and see you in the next blog!
Chris Wan, Application Architect, SOS Group Limited
Created on June 1, 2022