Most of us have come across all the buzz surrounding Bitcoin! Some of the predictions claim that fiat currencies and gold may be replaced altogether in order to store value or pay for transactions and that the value of the bitcoin may reach astronomical heights due to its limited supply! In this article, we will aim to demystify Blockchain, the technology that powers Bitcoin, so you can make your own opinions on how revolutionary this technology may be!
So we may wonder, what is so special about Blockchain? One of the simple ways to understand Blockchain is to visualize it as a database that is shared publicly among many of its participants (albeit Blockchain technology can also be deployed privately so access is restricted). Each of these participants is connected to this network via their computers and all of them maintain an identical copy of this database. Hence one of the core fundamental principles of Blockchain is that information is transparent and available to all the participants in the network at the same time.
Bitcoin is arguably one of the most famous public Blockchain. It essentially uses Blockchain technology to provide its users a digital currency that can be used to pay for products and services, just like a regular currency, or act as a store of value. Anyone can join the Bitcoin network as it is available to the public.
If Blockchain is just a database, then what is so special about it?! There are hundreds of different database technologies available to us. In order to answer this question, let us explore some of the special features which are unique to Blockchain technology:
Blockchain can be thought of as a digital log of transactions that can be used in a variety of use cases where the value of digital has not yet been realized completely. There are hundreds of granular use cases that are currently in development across the world. Below, we will try to point out some of the key use cases.
The application of Blockchain technology is really game-changing and can solve real problems in the world. However, for organizations looking to build products and services using Blockchain technology remains daunting, due to the lack of resources to build them from the group up and hire the right talent.
Alibaba Cloud BaaS (Blockchain as a Service) is an enterprise-level PaaS (Platform as a Service) based on leading blockchain technologies and is powered by Ant Financial Blockchain Team. This service helps you build a stable, secure blockchain environment, and manage the deployment, operation, maintenance, and development of blockchains easily. Alibaba Cloud BaaS enables you to focus on business innovation.
Blockchain establishes a peer-to-peer network where each participant in the network has access to a shared ledger. Transactions and history records cannot be removed or altered. The smart contract and consensus algorithms enable transactions between multiple participants and confirm the transactions and ledger records.
Alibaba Cloud Blockchain as a Service is built on Alibaba Cloud Container Service for Kubernetes clusters. It leverages the capabilities of Alibaba Cloud in databases, security, maintenance, and computing. Alibaba Cloud Blockchain as a Service provisions blockchain services based on multiple architectures, such as public cloud deployments and private cloud deployments.
Alibaba Cloud Blockchain as a Service supports mainstream open-source blockchain technologies Hyperledger Fabric and Enterprise Ethereum - Quorum, and also supports proprietary financial-grade blockchain technology Ant Blockchain, satisfying various requirements.
Alibaba Cloud Blockchain as a Service helps users quickly create and deploy a production-level blockchain environment, and provides graphical interfaces for blockchain management and operation. Enterprises and businesses can be dynamically added to the blockchain network. This service simplifies development and reduces the development time with pre-configured networks and infrastructure.
Alibaba Cloud provides a wide range of methods for you to integrate the blockchain service into your applications. You can create resources on-demand and scale up the deployment easily. Additionally, this service provides advanced protection for data security and privacy. You can select the services that best suit your business needs at the optimal costs.
Alibaba Cloud Blockchain as a Service integrated Alibaba Cloud’s other products and services, as well as providing convenient functions for on-chain and off-chain collaboration, reduce the development cost of the integration of the blockchain with other cloud services, helping you quickly complete system construction. At the same time, Alibaba Cloud BaaS also provides you with a REST API to help you avoid the tedious blockchain SDK configuration process, you can directly call smart contracts, query blocks, query transactions, and subscribe events on the chain through the REST API
Forget cryptocurrencies. The behind-the-scenes online ledger for crypto transactions - blockchain - is now quietly driving a financial revolution.
In fact, research reveals more than three-quarters of the financial services industry plan to adopt blockchain by 2020 with Fintechs leading the way for this technology.
That's why we're particularly excited about our Blockchain as a Service (BaaS) product, which gives businesses a platform to run your blockchain network in an easily managed, stable and secure environment.
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 (BaaS) is an enterprise-level platform service based on leading blockchain technologies. This service helps you build a secure and stable blockchain environment, save the costs of operations and maintenance, and facilitate business development. BaaS supports Hyperledger Fabric, Ant Blockchain technologies, and Quorum.
The Alibaba Cloud blockchain service is the product with the largest number of primary patents. The actual landing scene has exceeded 60+, becoming one of the most commercialized products.
Alibaba BlockChain Service Team - August 29, 2018
Alibaba Clouder - April 8, 2019
Alibaba Cloud Blockchain Service Team - August 27, 2018
Alibaba Cloud Blockchain Service Team - September 6, 2018
Alibaba Clouder - December 4, 2018
Alibaba Clouder - August 12, 2019
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