Cloud Solutions for Blockchain Technology

1. Nowadays, Blockchain Technology solutions are gaining momentum across all industries and hold the potential to mitigate global supply chain problems – data inconsistency, lack of visibility, and responsiveness. Blockchain is a powerful tool that has applications ranging far beyond our imagination. In the last few years, the use of blockchain has grown significantly to a wide range of use cases. The data stored inside a block depends upon the type of blockchain.

2. It is a record-keeping technology designed to make it impossible to hack the system or forge the data stored on it, therefore making it secure and safe essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain technology. Before moving to its functionality, let’s look at certain stats. A report suggests that global spending on blockchain technology was 6.6bn USD and is predicted to reach 19bn USD by 2024, according to Statista. How Does It Work? It connects through so large number of computers called nodes, and each contains a copy of the blockchain. The nodes ensure that the transactions are not manipulated by inspecting the hash, a transaction is written into the block only if it was approved by a maximum number of nodes. All the data stays within the block.

3. It collects information together in groups, known as blocks, that hold sets of information. Blocks in the chain contain a number of transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger within 10 minutes. Amazon and Microsoft are two popular cloud computing service provider companies. AWS Blockchain AWS provides purpose-built tools to support your required needs if you need a centralized ledger database that maintains an immutable and cryptographically verifiable record of transactions, and a multi-party, fully managed network that helps to eliminate intermediaries. It is the perfect example of fully managed services for using blockchain technology services. It is the world's most comprehensive and broadly adopted cloud platform, offering over 200 fully- featured services from data centers globally. AWS cloud consulting services are reliable, scalable, and inexpensive. AZURE Blockchain Azure is the pioneer in the BaaS industry. With the help of Built-in connections to Azure tools, users can validate blockchain developments faster and easier. Microsoft Azure is an example of a public cloud computing platform. A public cloud, hardware, software, and other supporting infrastructure are owned and managed by the cloud service provider. That also makes it easier to use as compared to AWS. Microsoft Azure cloud platform reduces the development time by offering users pre- configured networks and infrastructure. The Azure cloud platform has more than 200 products and services designed to help you bring new solutions to your work. Azure cloud computing services are quite popular for their uniqueness and customer satisfaction. Blockchain & Cloud Computing Cloud has now been integrated with all our business processes and functions. Cloud computing provides various online services such as infrastructure as a Service, Platforms, and Software. Right to our everyday email exchanges has cloud computing as a base. AWS, Microsoft Azure, Google Cloud, and Salesforce, are some of the many among the top cloud computing service providers, used by people around the world.

4. • The primary challenge of cloud computing is privacy and security. The biggest cloud security concern is data loss or hacking. Blockchain gives encryption of data accounts for the security and protected databases. • Deleting/Manipulating data from one device on a blockchain network does not affect the data stored on other devices in the network so no loss of data. In blockchain technology data stored are immutable, whereas data stored in the cloud is mutable. • It facilitates the user ownership of data which is the need of the world. The data stored on a blockchain is permanent and allows for easy traceability of data, as to where, when, and how it is being used and by whom. History for all transactions and changes made acts as an audit and authentication benefit for the users. • Cloud computing involves third-party providers, and a crash/downfall of the third-party providers can lead to a huge loss of data for enterprises. Blockchains are governed by codes and do not involve third-party provisions, and thus can be a safer option to move along with current technology. • Cloud is a computing service that provides services in three different formats such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Blockchain has a core principle of decentralization, which means it does not store any of its information in one space. Top Companies like Amazon Web Services (AWS), Alibaba Cloud, Google, IBM, and Microsoft provide cloud computing services while projects like Ethereum, Bitcoin, Hyperledger Fabric, and Quorum use blockchain technology.