Blockchain’s complexity has forced many enterprises to shelve it. Here is how the cloud helps resolve those issues.
Blockchain has turned out to be much more complex than enterprises earlier thought and that’s a reason many are shelving adoption.
Though it has a proven track record for secure monetary transfer, because it provides both central and distributed trust, there are only a few more potential use cases. One that has now caught the fancy of the enterprise world is for supply chain management. The scenario here is similar to money transfer- where several nodal points are available- a supply chain can span hundreds of stages and many locations. It can need the system to deal with thousands of invoices and payments over hundreds of banking systems, not to mention long-running transactions that can take years to complete.
Technically, Blockchain uses a distributed digital ledger for the secured exchange of funds, agreements, and tracking, recording each transaction on a block that exists at many entities, rapidly making it all very complex. In addition, setting up the underlying technology is more so and there have been instances of budgets exceeded by 500%.
Using the cloud to create Blockchain ledgers and databases have many advantages. Firstly, the technology will be updated by the cloud provider and the user does not need to clear space in the datacentre or buy and configure complex software. This pretty much saves the user organization from dealing with the underlying complexity and the operations.
For enterprises, this is a much smarter way to try their luck with emerging technology, without stressing the resources and team to a breaking point. The cloud helps here – for leveraging resources in better, cheaper, and simpler ways.