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Alcorn Group Cyber Security News

Blockchain as a Service

Microsoft and ConsenSys partnered back in October 2015 to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers could have a single click cloud based blockchain developer environment. The initial offering contained two tools that allow for the development of SmartContract based applications:

• Ether.Camp - An integrated developer environment
• BlockApps - a private, semi-private Ethereum blockchain environment.

Everyone, particularly Financial Services, is interested in Blockchain technology. While a platform like Bitcoin has many great uses specifically as a Cryptocurrency, Ethereum provides the flexibility and extensibility many customers are looking for.

In Financial Services, Blockchain is a major disruptor to some of their core businesses, and FinTech companies are driving innovation in this space. Ethereum is open, flexible can be customized to meet customer needs allowing them to innovate and provide new services and distributed applications or Đapps.

Ethereum enables SmartContracts and Distributed Applications (ĐApps) to be built, potentially cutting out the middleman in many industry scenarios streamlining processes like settlement. But that is just scratching the surface of what can be done when you mix the cryptographic security and reliability of the Blockchain with a Turing complete programming language included in Ethereum.

“Ethereum Blockchain as a Service” allows for financial services customers and partners to play, learn, and fail 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, distributing their Blockchain products with Azure’s distributed (private) platform.

By Derren Desouza