Blockchain is one of hottest topics and buzzwords in today’s IT scenario. You may come across this technology term in almost all segments of business and technology space, and the Industry is pretty excited about it too.
Blockchain, the technology behind Bitcoin, is the driving force triggering the next generation Internet, also referred to the Decentralized Web, or the Web3. Business and Enterprises are eagerly looking forward to adopt Blockchain and reap the benefits, but there is a shortage of talent, right skill sets & expertise on how to do it in the right way?
The other challenge that Blockchain faces is the lack of a common standard and governing body for Blockchain technology, standards and practices. Most of the companies leveraging blockchain technology go-about developing their own stack from the scratch and to be a full stack providers, they had to build the ledger, they had to build the environment for smart contracts and solutions.
The other challenge was people mindset. It was a big task to get people look towards Blockchain as a Technology and not Bitcoin. The most common misunderstanding surrounding Blockchain is that its all about Bitcoin. People tend to consider Blockchain and Bitcoin as same concepts, while the reality is that Bitcoin is a product (cryptocurrency) developed using the Blockchain technology.
Blockchain is a shared, trusted, public ledger of transactions, that everyone can inspect but which no single user controls. It is a distributed database that maintains a continuously growing list of transaction data records, crypto graphically secured from tampering andrevision. The industry around Blockchain is growing as well as the technology itself is maturing over time.
Most of the big enterprises are working internally on various projects and products based on Blockchain.
Microsoft recently announced the Confidential Consortium framework, a way for companies to use Ethereum with greater privacy, while not impacting scalability. The solution involves off-chain settlement, utilizing edge hardware and environments like Intel’s “trusted execution environments.”
Facebook recently announced a crypto coin based on Blockchain. Facebook’s Cryptocurrency Is a Nail in the Coffin for ‘Blockchain Not Bitcoin’. Facebook has taken blockchain seriously. They understand that “the technology” isn’t cool. What’s cool are the unprecedented products that technology can be used to create: digital cash, new currencies and programmatic money.
Announced Tuesday, DA will be bringing its smart contract language DAML (Digital Asset Modelling Language) to R3’s Corda platform, as well as Hyperledger Fabric, following on from its Hyperledger Sawtooth tie-up last month.
Another rather interesting partnership DA is kicking off is with Amazon Aurora, a non-blockchain traditional cloud database – driven by strong customer demand, said DA.
This echoes the AWS Quantum Ledger Database, which is also centralized and makes no pretensions towards being a bonafide blockchain. Rooz said he predicts more tie-ups between DAML and centralized database providers.