Why are blockchains increasingly becoming part of how we make purchases? Most people have heard of Bitcoin at this point and know well about trading cryptocurrencies. The main reason for the onset of cryptocurrency is due to foundational infrastructure opportunities in our institutions. Furthermore, the financial crisis in 2007 created distrust in our systems, so blockchains were developed as an alternative.
Blockchains are shared, secure, public ledgers that create trust between parties while maintaining privacy. The block is a list of transactions distributed in a peer-to-peer network. At its core, a blockchain is a data structure. Nodes on the network work together to verify transactions in the block. Due to the importance of these ledgers, one would ascertain that scalable technologies in the cloud would be advantageous. It just so happens that Microsoft Azure Cosmos DB supports traits which can help optimize blockchain technology.
The distributed ledgers inside the blockchain function in the same manner as the ledger at a bank. Cryptocurrencies like Bitcoin utilize ledgers that consist of account numbers, transactions, and balances. When you submit a transaction to the blockchain, you are aggregating information to the ledger, such as, where currency is coming and going to. Each blockchain technology has its own ledger, and various ledgers work differently. However, most blockchains have similar characteristics.
Blockchain Data Manager
Microsoft’s data manager solution helps integrate apps with data services. The Blockchain data manager captures, transforms, and distributes ledger data to back-end services and applications anywhere in the world. The key features of the data manager which are not explored in this article are the following: capture, transform and deliver. Utilizing the data manager gives developers the capability to integrate blockchain services with Azure Cosmos DB. Using the Data Managers key features like deliver, which incorporate services like Azure Event Grid and Logic App to record blockchain data in Azure Cosmos DB, truly delivers modern cloud data services to blockchain solutions.
Azure Cosmos DB
Microsoft’s Azure Cosmos DB is a globally distributed, decentralized, multi-master, multi-model, turnkey global database solution.
Blockchain application developers can use Cosmos DB global replication with low latency and scalable storage which contains the distributed ledger data. In tandem with Cosmos DB modern querying functionality, to optimize your holistic blockchain services.
Azure Cosmos DB can be used in scenarios with existing analytics tools to support analyzing ledger records, in hopes of unlocking business insights.