Originally, Blockchain was advertised as a simple ledger that could record transactions in sequence. Later, we realized that the Blockchain ecosystem may have more applications in areas other than payment transactions. This is how the idea of Blockchain 2.0 and Smart contracts.
Blockchain 2.0 expands the power of ledger to include other utilities such as agreements, proposals, documents, codes and more. Basically, this includes additional logic, also known as code, via “smart contracts”.
Smart contracts contain code and execute various conditions written or explicitly mentioned in a contract. Similar to normal contracts, these “smart contracts” are based on the fulfillment of agreed terms. These smart contracts are stored in the Blockchain 2.0 distributed ledger. Contracts can be as simple as registering a loan or making payments or as complex as ‘swaps’.
How Blockchain 2.0 is different from Blockchain 1.0
Blockchain 1.0 was primarily a Bitcoin blockchain while Blockchain 2.0 has many different types of blockchains such as Ethereum, Corda, Hyperledger. This is not the end. There are many more in the loop and in different stages of development.
Blockchain 2.0 also marks a change in its operation, that is to say, it goes from simple transactions to multiple transactions. Earlier we mentioned that blockchains can be public or private. Blockchain 1.0 was restricted to the public only. Blockchain 2.0 expands its reach and includes consortium, domain specific outside of public and private.
The benefits associated with Blockchain 2.0. First, Blockchain 1.0 has always remained open and distributed. This is not the case with blockchain 2.0. Second, it solves many regulatory and privacy needs, can handle more complex needs, and isn’t locked into a single vendor. Apart from these, Blockchain 2.0 overcomes some of the existing blockchain issues such as computational speed and cost.
How Microsoft intends to develop the Blockchain ecosystem
Microsoft is implementing a three-part strategy for this:
- Build and learn key partner-driven POCs built on various Blockchain technologies
- Grow blockchain marketplace ecosystem and artifacts with our partners and customers
- Develop key Azure blockchain middleware services to ensure infrastructure is enterprise-ready
Microsoft also plans to extend the blockchain by creating both new middleware and secure scriptlets, a project it calls Bletchley Project to extend the blockchain. On top of that, the company is trying to connect with many different ledgers and existing external and internal services to enable a robust blockchain ecosystem for the business, as it realizes the technology has great applications.
Potential applications of Blockchain technology include:
- Financial – Trading, trading, stocks, derivatives trading, compliance reporting, etc.
- Media – Digital rights management, game monetization, artist authentication, purchase and usage monitoring, etc.
- Computing – Micronization of work (pay for algorithms, tweets), Market scope, Labor disbursement
- Medical – DNA sequencing, personalized medicine
- Government – Voting, vehicle registration, permits and identification.
Thus, depending on your sector of activity, many solutions are available. Most customers who adopt Blockchain technology are new to the Microsoft Azure service. You must sign up for an Azure account to use the blockchain technology offered by Microsoft.
Blockchain as a service is available in Microsoft Azure DevTest Labs. So you need to use the Azure Dev test lab to use Blockchain as a service. Azure DevTest Labs is a service that helps developers and testers quickly build environments in Azure while minimizing waste and controlling costs. To get started, just search for the keyword “Blockchain” and you will see Blockchain Labs in the list of available resources.
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Select Create and fill in your lab details and you should be good to go. Remember to select your open source stacks and third-party offerings before proceeding. Now, to set up Blockchain as a hosted service on Azure, go to portal.azure.com and enter your Microsoft Azure account credentials. Once authenticated, you will be redirected to the Azure portal. Then follow the steps in this post in order to create a new DevTest Lab instance, create a new VM, and acquire a personal access token from GitHub.
Lily: How to Access Blockchain Domains in a Browser.
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Blockchain 2.0 And Smart Contracts Tech Tribune France
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