The crypto world has mostly ignored this possible bombshell report. Ethereum Proof-of-Authority is now available on Azure, according to Microsoft. The lack of excitement surrounding the announcement, however, should not be misinterpreted as a reflection of the launch’s many practical ramifications.
Cody Born, a software engineer with Azure Global, wrote on the Microsoft Azure blog about the deployment, saying, “We’ve seen fantastic traction with our support of Ethereum on Azure.” Thousands of times across a range of industrial verticals, the existing Proof-of-Work solution has been used. We’ve had a lot of excellent feedback from the community while we’ve been working on our platform, and it’s helped us create our upcoming Ethereum ledger product. I’m thrilled to report that Ethereum Proof-of-Authority is now available on Azure.”
Users can create and setup an Ethereum blockchain network in minutes using Ethereum on Azure. This has the potential to boost Ethereum adoption among consumers and businesses. (For further information, see What Is The Enterprise Ethereum Alliance?)
There are several repercussions.
On a business level, blockchain has various practical applications, which is why a partnership between Microsoft Azure and Consensys Ethereum makes sense. JP Morgan’s quorum technology is an example of how financial services firms are more interested in integrating blockchain technology.
When Microsoft’s commercial partners adopt Ethereum, it opens up a whole new world of possibilities, including electronic voting, employee remuneration, cloud storage, smart contract enabled agreements, supply chain control, and more.
“This would substantially simplify a number of tasks for businesses, allowing them to focus on their core competencies and increasing income and critical skills.” This collaboration will also compete with existing and forthcoming enterprise blockchains such as vechain, quorum, hashgraph, and R3 corda,” said Kartik Mehrotra, IOTW’s Head Of Business Development.
With Microsoft’s credibility and resources, blockchain technology will be adopted more quickly at the enterprise level, forcing competitors like Salesforce and Adobe to reassess their plans.
New projects have recently adopted Proof of Authority (PoA) consensus mechanisms. Unlike traditional Proof of Work, the PoA approach does not necessitate a large amount of CPU time and is generally more secure than the Proof of Stake paradigm.
“While some may argue that PoA is not a decentralized approach, everyone believes that it makes it easier for the company to manage and safeguard its product,” stated SciDex CEO Alex Bouaziz.
By making the Ethereum POA available on Azure, Microsoft will dramatically aid adoption and set a precedent for other large companies to do the same.