“Ethereum Blockchain as a Service” provided by
Microsoft Azure and ConsenSys allows for financial services customers and
partners to play, learn, and fail fast at a low cost in a ready-made
dev/test/production environment. It will allow them to create private, public
and consortium based Blockchain environments using industry leading frameworks
very quickly, distributing their Blockchain products with Azure’s World Wide
distributed (private) platform. That makes Azure a great Dev/Test/Production
Environment for Blockchain applications. Surrounding capabilities like Cortana
Analytics (machine learning), Power BI, Azure Active Directory, O365 and CRMOL
can be integrated into apps launching a new generation of decentralized cross
So now rather than
setting up the entire Blockchain on Azure platform anyone can just launch
the Blockchain with a click.
R3 Single network is one of the largest
distributed database company which leads the way with the world’s largest
financial institutions in R&D of Blockchain database usage specializing in financial
systems. Corda is their distributed ledger
platform designed and built from the ground up to record, manage and
synchronise agreements, designed for use by such regulated financial
institutions. It is heavily inspired by and captures the benefits of
blockchain systems, without the design choices that make blockchains
inappropriate for many banking scenarios. Distributed ledger technology (DLT)
has the potential to significantly transform the financial services industry.
In the future, financial agreements will be recorded and automatically managed
without error, and anybody can transact seamlessly for any purpose without
friction. Unlike Bitcoin and Ethereum, Corda is designed for
semi-private networks in which admission requires obtaining an identity signed
by a root authority. This assumption is pervasive – the flow API provides
messaging in terms of identities, with routing and delivery to underlying nodes
being handled automatically. There is no global broadcast at any point. This
‘identity’ does not have to be a legal or true identity. In the same way that
an email address is a globally unique pseudonym that is ultimately rooted by
the top of the DNS hierarchy, so too can a Corda network work with arbitrary
self-selected usernames. The permissioning service can implement any policy it
likes as long as the identities it signs are globally unique.
In any Corda transaction, unlike other blockchain
solutions data is not globally broadcast. Instead it is transmitted to the
relevant parties only when they need to see it. Moreover,
even quite simple use cases – like sending cash – may involve a multi-step
negotiation between counterparties and the involvement of a third party such as
a notary. Additional
information that isn’t put into the ledger is considered essential, as opposed
to nice-to-have. Thus, unlike traditional block chain systems in which the
primary form of communication is global broadcast, in Corda all communication
takes the form of small multi-party sub-protocols called flows. Using this type
of distributed system has a lot of advantages, like:
Simplicity The core data model is unchanged.
Access control is handled using existing tools like signatures, certificates
Privacy It is possible to join a group without
the other members being aware that you have done so. It is possible to create
groups without non-members knowing the group exists.
Scalability Groups are not registered in any
central directory. A group that exists between four parties imposes costs only
on those four.
Performance Groups can be created as fast as
you can generate keypairs and invite other nodes to join you.
Responsibility For every member of the group
there is always a node that has a responsibility for sending you new data under
the protocol (the inviting node). Unlike with Bitcoin style global broadcast,
you can never find yourself in a position where you didn’t receive data, yet
nobody has violated the protocol. There are no points at which you pick a
random selection of nodes and politely ask them to do something for you, hoping
that they’ll choose to stick around.
We can easily conclude by saying that it is a highly
successful decentralised database designed for the financial sector. It allows
for a unified data set to be distributed amongst many mutually distrusting
nodes, with smart contracts running on the JVM providing access control and
schema definitions. A novel continuation-based persistence framework assists
developer with coordinating the flow of data across the network. An identity
management system ensures that parties always know who they are trading with.
Notaries ensure algorithmic agility with respect to distributed consensus
systems, and the system operates without mining or a block chain. A standard
type system is provided for the modelling of financial logic. The design
considers security throughout: it supports the integration of secure signing
devices for transaction authorisation, secure enclaves for transaction
processing, composite keys for expressing complex authorisation policies, and
is based on binary protocols with length-prefixed buffers throughout for the
systematic avoidance of common buffer management exploits.