[ad_1]
As organizations aggressively embrace digital business transformation, blockchain platforms will be a key technology for modernizing processes.
VMware this week announced the initial availability of its blockchain platform as part of an ongoing effort to streamline the number of processes and platforms required to reliably process transactions.
Based on an open source Scalable Byzantine Fault Tolerance (SBFT) consensus engine, VMware Blockchain gives IT organizations access to an immutable platform that uses the same basic distributed ledger technology employed by digital currency providers such as Bitcoin. The basic Byzantine engine tracks the order of transactions as they are made through a consensus engine built on a fault-tolerant state machine replication capability developed by VMware.
See also: In Data We Trust … After adding a small blockchain
VMware also provides access to the state of the blockchain via an authenticated key / value data structure that allows access to data only by authorized parties.
The goal is to enable organizations to create workflows through decentralized systems where each party on the network has access to a single source of transaction truth in near real time. VMware is making it easy to achieve this by providing support for multiple smart contract languages that allow organizations to create processes and workflows on a decentralized network. VMware Blockchain also provides access to a standard Ledger application programming interface (API) to build applications using the Digital Asset Modeling Language (DAML), a framework for building smart contract applications.
Finally, VMware Blockchain is also deeply integrated with the VMware infrastructure software stack to simplify the deployment of a mission-critical application on fault-tolerant platforms, says Tanya Shastri, vice president of blockchain products for VMware.
Early adopters of VMware Blockchain include the Australian Stock Exchange (ASX) and Broadridge Financial Solutions. Much of the use of blockchain technologies in the financial services industry is driven by organizations looking for a way to process trillions of dollars of transactions occurring between multiple parties more efficiently, notes Shastri.
It is not entirely clear to what extent blockchain platforms could one day reduce the current stack of software and infrastructure currently required to process these transactions. However, as organizations in the wake of the economic downturn embrace digital business transformation more aggressively, it is clear that blockchain platforms will be part of the mix of technologies employed to modernize processes. As part of this effort, many of those same organizations are also trying to reduce the total cost of IT by replacing many of the legacy applications they currently rely on, for example, processing transactions. “Many of these inefficiencies can dissolve,” says Shastri.
Of course, achieving that goal requires an appetite for experimentation that may not be as robust as it was before the pandemic. For any organization that has accelerated digital business transformation initiatives, there are many examples of organizations that have simply decided to hunker down in hopes of weathering the current financial storm. The problem these organizations will face one day is how far they have fallen behind from an IT capability they can no longer achieve.
Meanwhile, many IT professionals working in verticals outside the financial services industry will be eager to see how robust blockchain platforms are in real-world production environments.
[ad_2]Source link
