On August 8th, Microsoft introduced a new product on their cloud platform, named Azure, that works with the Ethereum ledger. They launched it as Ethereum Proof of Authority as referenced by article (1) below.
Proof of Authority (POA) is defined on Wikipedia as “an algorithm used with blockchains that delivers comparatively fast transactions through a consensus mechanism based on identity as a stake’. (2)
An organization or collection of organizations can setup trusted identity nodes or validators at each one of their facilities and Ethereum POA would provide the platform for these organizations to exchange large amounts of data between them very rapidly. Although currently blockchains are usually associated with some type of crypto-asset in the form of currency, Ethereum POA would be predominantly sharing data crypto-assets with the proper participants and will offer an opportunity to create enterprise specific DAPPS that could be developed in C, C++ and Rust languages.
A company named ‘R3’, which is a company that heads a group of over 200 banks, financial institutions, associations etc., was referenced in the article (1) mentioned above and has produced a similar technology also running on Microsoft’s Azure named Corda which is described on their website as “an open-source distributed ledger platform, designed to work within finance to operate complex transactions and restrict access to transaction data.” Another article (3) from ‘Cointelegraph’ covered this very thing at the end of June 2018. This article was referencing KYC data, which to date is very slow and time consuming.
I write this article as a chance to show the ability of blockchain technology to be used in real life use cases that do not include any form of currency (at least not directly), and the ability for legacy networks to acclimate to the changing climates surrounding these technologies. I am encouraged that this would allow more in the world to adopt blockchain including cryptocurrencies built on these different platforms.
Although I know most in this arena are not fans of legacy systems (including myself), I would love to hear your thoughts on these and other ideas that are fostering greater adoption.
I am the CryptoWolfe and I thank you all…
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