By Prashant Mishra, Alibaba Cloud MVP and CEO, Founder Click2Cloud Inc.
The evolution of technology has seen massive developments in every iteration spanning across multiple fields and industries. In the past few years, we are seeing a shift from digital transformation to data intelligence; enterprises are adopting IoT and artificial intelligence solutions to extract the most value out of data. This phenomenon is often referred to as Industry 4.0, an industrial revolution that focuses heavily on interconnectivity, automation, machine learning, and real-time data.
Whether talking about 4G or 5G, or about infrastructure-as-a-service, or software-as-a-service, the rapid growth of technology has pushed businesses and enterprises to collaborate with top technology vendors to meet customer demands. For instance, financial services institutions are now working closely with top cloud vendors and have already started adopting FinTech such as Alibaba Cloud Blockchain-as-a-service (BaaS) to help fast-track their business journey.
Blockchain-as-a-service is a type of blockchain service offerings that helps entrepreneurs to use cloud-based services to increase and develop, adopt, their blockchain applications. Alibaba cloud blockchain-as-a-service is built on Alibaba Cloud Container Service for Kubernetes clusters outlined and based on multiple cloud architectures.
In other terms, if a user wants to store a bulk amount of data taking note that previous stored data shouldn't get affected. So, what must the user do to maintain the storage level of that data? The answer, Blockchain-as-a-service.
By using the blockchain as service when any new information is added a new block of storage is attached. Each block is inevitably connected. If previous data is meant to store or change, you can change it. All the information, may be any of medical record to virtual data storing or retrieving which is added in each block are secure because a blockchain is a digital recreation system that spread over a variety of networks.
Below diagram will give a clear representation of above stated statement.
Fig: Multiple blocks containing multiple data
Alibaba cloud BaaS helps users to create and deploy a production level blockchain environment. Blockchain-as-a-service develops an end-to-end network connection where each sharer in the network has equal authority for accessing the other record. This helps in maintenance of data, security, computing, and so forth.
In today's era of technology, vendors and entrepreneurs are opting for blockchain technology. But at the same time, maintenance, configuration, monitoring, and operating a blockchain and its infrastructure is a tedious job.
In such a case, Alibaba cloud BaaS provides outsourcing for managing, monitoring, maintaining, and operating the overall infrastructure. It is slightly like a web hosting provider. BaaS also considered as a third party that handles the overall maintenance of infrastructure with installation, setup, monitoring, operating facilities.
Instead of running and creating their blockchain, small and large industrial firms outsource the technology and the technical team of blockchains handles the complexity and gist functionality of services.
Fig: Working of Blockchain
In the above diagram, the workflow of blockchain is mentioned. It shows that, the user requested for the data transaction. It may be either for fetching or storing the data. While storing the data block is being created that represents a data or information transaction. This data block is sent to every node in the network for data validation. Each of these nodes validates the data transaction. Nodes keeps all records of incoming and outgoing data blocks. These data blocks are sent to every node. And at particular node all data blocks get stored in a proper logical manner. The nodes receive a reward for the work done of each data transaction. Then it completes the transaction.
Below depicted is the architecture of the blockchain. Let us take a quick overview of its architectural details. The blockchain consists of nodes and each of the nodes have a local ledger. These nodes are nothing but consists of various organizations. Each of these nodes directly communicates with the ledger and they do not require a third party for interaction.
Here users send the transactions request to the blockchain, these users can be a regular user, an auditor, an administrator, etc. Once the transaction of one and ledger completes it pass it on to another node and ledger.
Fig: Architecture of Blockchain
Alibaba cloud Blockchain-as-a-service allows users to establish cross networks, business, and network transactions to implement the blockchain.
As businesses are running and trying to keep the foot on the top technologies, Alibaba Cloud Blockchain-as-a-service has been giving them a realm to enhance their productivity, increase network connectivity, storage capabilities, allows multiple data gathering at single resources and much more.
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