As the cryptocurrency sector is constantly changing and evolving, the enterprise blockchain industry has been undergoing its fair share of growth recently. Recently, enterprise blockchain solutions are shifting from private, closed networks to public, open systems. It is quite possible Advances from the Ethereum network, Which are ensuring better privacy, scalability, throughput and more for enterprise customers.
A new industry analysis report It shows This change, given that the global blockchain technology market size is expected to reach $ 42 billion by 2027, is growing at a market growth of 51.4% CAGR during the forecast period. Interestingly enough, the report’s findings show that during 2020, the public enterprise blockchain market segment emerged as the leading model with the largest share of the global market.
As more enterprise blockchain solutions migrate to public networks, it shouldn’t come as a surprise that Microsoft recently announced that its Azure Blockchain Service is Drive users to alternative offerings. It is important to note that Microsoft’s Azure Blockchain was originally built from a sandbox-style service in 2015 on Ethereum in partnership with ConsenSys. In 2019, the solution was introduced as a fully managed blockchain-as-a-service or BaaS.
Fast forward to 2021, and a recent blog post from Microsoft The states That Azure users will now have to “migrate laser data from Azure Blockchain Service to an alternative offering.” The article further recommends users to go to quorum blockchain service, or QBS.
For reference, QBS is an offering managed by ConsenSys on Azure that supports quorum as a laser technology. Quorum allows enterprise customers to build blockchain solutions on public Ethereum mainnets with private networks.
Emmanuelle Marchal, global head of sales at blockchain software firm ConsenSys, told Cointelegraph that it makes sense for Microsoft to join ConsenSys, given Quorum’s ownership of ConsenSys, as well as the company’s long-standing relationship with Microsoft:
“ConsenSys is providing migration from the Azure blockchain service to the quorum blockchain service provided on Azure. It has always been a part of our strategic relationship, to ensure that Azure customers have enterprise-grade with quorum Managed Blockchain is a service. “
Marchal further said that since ConsenSys acquires quorum ownership from JP Morgan Over the past year, the company has focused on bringing new technology to market. It includes a managed service for quorum. Based on the strong relationship between ConsenSys and Microsoft, Marchal explained that “it makes sense to convert Azure blockchain service users to QBS as a recommended migration strategy.”
Therefore, Marchal shared that ConsenSys is actively working with dozens of Azure blockchain users to help them plan their stay at QBS. “The goal is for collaboration between Microsoft and ConsenSys to ensure a smooth migration from one service to another,” he said. Microsoft announced that its Azure blockchain service will be “retired” on September 10, and users must be migrated to QBS or an alternative service before that.
Is this good news for Microsoft?
While it may seem unfortunate that Microsoft’s Azure blockchain service is ending, Marchal sees the change as an advancement. “ConsenSys maintains the open-source Quorum technology. Users of the Azure Blockchain Service using that private technology are in good hands with ConsenSys going forward, and we are confident about this migration.”
Also, from the point of view of the Microsoft Azure Blockchain Service user — who — Include Major corporate customers – JP Morgan, GE Aviation, Singapore Airlines, Starbucks and Xbox – migration to QBS may not have much impact. For example, Paul Brody, the global blockchain lead in Ernst & Young (EY), told Coinclague Big Four firm program with Microsoft and Xbox Nothing has changed:
“Microsoft continues to get the program steam for transferring software contracts for the Xbox ecosystem to Ethereum-based smart-contracts, which now have more than 300 companies integrated.”
Azure SQL Adds an Irreversible Ledger
Incidentally, Azure SQL – a managed cloud database provided as part of Microsoft Azure – is incorporating a laser feature. This development was recent Announced In Microsoft’s Build 2021 Developer Event.
According to microsoft blog post Published On May 25, “Azure SQL Database Ledger” will add tamper-evident capabilities to Azure SQL Database. The post further states that the Azure SQL Database Ledger will “provide a simple solution for centralized systems where there is a need to strengthen trust between parties.”
It is also noted that the ledger feature of Azure SQL Database does not require any migration of data or changes to user applications. “You can enable the laser functionality on tables in your database and interact with them in the same way as you would for any other table,” the post stated.
While notable, Azure SQL Database feels very similar Oracle’s crypto-secure data offering, Which was announced in March. Juan Loiza, executive vice president of mission-critical database technologies at Oracle, previously told Cointelegraph that Oracle has created a crypto-secure data management offering that leverages “blockchain tables” within the Oracle database. Loiza also noted that the feature is separate from Oracle’s blockchain platform, built on Hyperledger fabric and is Often used for supply chain management.
Keeping this in mind, another potential enterprise blockchain trend is afoot, which may be the inclusion of immutable ledgers in enterprise-grade databases, as has already been demonstrated by both Oracle and Microsoft.
Will more enterprises move to public systems?
In relation to Microsoft’s migration to a solution powered by Enterprise Ethereum, Brody commented that EY is seeing an overall trend where companies are shifting their focus towards public blockchains and closing their private-blockchain-focused hosting businesses Is doing. “With around 15,000 nodes running jointly for Bitcoin and Ethereum, everyone is looking at large public business as a priority,” he said.
Although this may be the current trend, it is worth mentioning that some enterprise solutions continue to rely on private networks. Karim Yusuf, general manager of IBM AI Apps and Blockchain, told Coinclague that enterprises continue to invest in blockchain networks, and select permitted blockchains to solve many complex industry challenges:
“Between enterprises, collaboration and reliable data sharing are essential, and for many, permitted networks provide them with the necessary assurance. In the future, we expect that we will see more intersections of public and private networks.”