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Microsoft is moving forward with their Azure development kit. It is a blockchain-based platform with no server and will be available to developers globally. The product will be referred to as the "Azure Blockchain Development Kit" and Microsoft says it will add functionality to its Azure Blockchain Workbench.
Blockchain has been targeted at times, but big players seem to be putting more and more robust blockchain development tools into the public arena. Microsoft says the new toolkit will add features such as identity and out-of-chain data, messaging application programming interfaces (APIs) and data tracking, all of which can be used to create blockchain-based apps.
The potential uses for blockchain in a wide range of sectors are enormous. In one of the first major applications for blockchain in the real world, a platform designed by IBM, called "IBM Food Trust", was adopted by Walmart to trace green leafy vegetables. Anyone who wants to sell green at Walmart will have to be on the platform next year, but there may be a lot more coming up.
Microsoft is putting Blockchain tools in the hands of developers
Microsoft has probably recognized the potential for the blockchain to detect data logging in many complex supply chains. Trust is a big problem and blockchain can eliminate the need for a central record keeper who has the trust of network users.
Azure was commissioned to design a new Ethereum-based communication and settlement system for Nasdaq Inc. & # 39; s Financial Framework (NFF) at the start of this year, and a blockchain-based system was designed to replace the aging of the CHESS system on the Australian Stock Exchange (ASX).
A great platform for value
Blockchain makes sense for transactions that have a high value and could be open to illicit behavior. BBVA used a proprietary blockchain platform to settle a syndicated loan for Spain's largest electricity utility in recent weeks. Not only were the banks involved able to communicate securely, but the insurance companies were also connected to the whole process.
Ultimately, blockchain saves time and money. Numerous companies are beginning to realize that blockchain creates competitive advantages, and not develop blockchain-based solutions could mean falling behind.
Realistic development solution
At the moment, in-house blockchain development is an expensive proposition. Some of the largest companies in the world are winning a small group of highly qualified blockchain professionals. This pushed up payment rates and limited access to the best developers.
Probably IBM is barking the right tree by offering a hybrid solution to the business that wants to start a blockchain development program. Instead of starting from scratch, they can use the Azure platform and save time and money. It's not exactly outsourcing, but it allows smaller companies to access high-end development tools that are used by some of the world's most important data managers.
Increasing opportunities
IoT and other technologies such as RFID open a new level of data collection. Blockchain is the hub of a new way of doing business. The disparate parts do not need to communicate through obsolete forms of technology. Blockchain allows the biggest companies in the world to talk and trust one another.
Smart contracts are another area that could radically change the way the business is done. Companies are looking for ways to make smart contracts part of their liquidation process. These technologies are not difficult to access with the tools that Microsoft is creating and their effects are likely to be imminent.
The idea that blockchain is a transient technology is long gone. Blockchain is adopted now. The range of technology is still a mystery. The next few years will define the scope of the blockchain in the commercial world.
