Blockchain holds this odd position within the world right now, at the one end of the spectrum it is the technology that has facilitated not only Cryptocurrencies but additional security and many other technological innovations but on the other end there is less support. The negative light on blockchain is based on some wondering if it will ever take off out of the world of Cryptocurrency; however the general disdain for Blockchain has yet to dissipate. But there are some who are determined to help Blockchain transition out into the global marketplace.
What Microsoft Has To Say?
Mark Russinovich, a representative of Microsoft, declared that 2018 will be the year that Blockchain technology is immersed into technological applications and everyday software. However, Microsoft wants to do more than talk about the capabilities of Blockchain, it wants to get ahead of the pack and implement Blockchain technology within their own product offerings.
The GeekWire Cloud Tech Summit
Mark Russinovich will be opening the GeekWire Cloud Tech Summit that begins on the 27th of June and has already begun giving insights into Blockchain prior to the summit. The conference will be held at the Meydenbauer Center in Bellevue, Washington and Russinovich has stated that Microsoft has strong reason to believe that Blockchain technology is already at a stage that it can be deployed into existing market offerings.
Now, you might be thinking, people have been saying this of Blockchain since its inception. And you would be right, the difference in this scenario, is that it isn’t just everyday developers or members of the Cryptocurrency world who are saying it, no, it’s Microsoft. Microsoft has worked in collaboration with Maersk, a global shipping and logistics powerhouse, as well as EY to open their first insurance product made with Blockchain technology.
Microsoft and Blockchain
In addition, Microsoft has partnered with the Bank of America to utilize Blockchain in order to potentially eliminate a significant portion of the amount of forms and documentation that is ordinarily required to complete a transaction with them. Microsoft is currently doing research into how Blockchain is already being used within fields such as operational management of food production, consumer protection within the frames of the Internet and social media. Along with the fact that blockchain is being used as the facilitator in the ability to provide more intuitive and personalized customer reward initiatives.
Blockchain is ingenious in its framework in that it can produce scattered records of transactions that are simultaneously available to anyone while also being unavailable to edit or tamper with in any way, thus ensuring the records integrity.
The technology of Blockchain is made possible through making use of the full power of computers in that the computer has to identify each member to a transaction and then run through a series of highly involved tasks in order to ensure that the members initially located are in fact the correct ones. Once these parties to the transaction have been approved then the record can be distributed. This system has already been proven to a great success through the ease of use of Cryptocurrencies, such as Bitcoin.