Microsoft Develops Product For Creating Business Network On Ethereum
The team of Microsoft Azure, a service for cloud data storage, announced the release of a new product for working with the Ethereum blockchain. The company has developed a package of blockchain services specifically for the needs of businesses.
In the new solution, specialists departed from the Proof-of-Work (PoW) protocol, widely used for validating transactions. According to Cody Born, the software engineer at the company, PoW is suitable for the anonymous environment, while Ethereum on Azure focuses on the enterprise one, where the staff members know each other. Therefore, the advantages of PoW are leveled out, the developer says.
Ethereum on Azure uses the Proof-of-Authority (PoA) protocol, an algorithm that does not require miners to confirm transactions. Thus, the authorized members, employees of a corporation, can share data without involving third parties.
Also, the developers added Governance DApp application for decentralized management and voting within the network. The tool allows participants to delegate their voices to other validators when absent, and it also puts any changes on the blockchain, ensuring transparency of the working process.
The Microsoft Azure's team added the Parity's WebAssembly (Wasm) service to make the product more convenient for companies. It allows creating smart contracts in C, C++, and Rust programming languages, which are more common than Solidity, typical for Ethereum.
Azure Monitor, another feature of the product, is designed to track the network status and new block generation statistics, allowing the operators to detect and prevent outages quickly.
Blockchain technologies are further implemented in business, as well as in everyday life. As previously reported, Bitmain created a router for mining cryptocurrency.