VMware Blockchain Beginnings
VMware this week presented a new blockchain offering, initially announced in beta in 2018.
VMware Blockchain is now commercially available, designed to help organizations build corporate networks and deploy decentralized business-critical applications.
Decentralization is the key to blockchain, a fairly new, complicated, and versatile technology that harnesses cryptography for its most well-known use case: digital currency, often referred to as bitcoin. However, in the corporate world it has many more uses, providing a decentralized and distributed ledger created to record the provenance of a digital asset.
It can indeed be used to provide a “single source of truth” for business transactions, for example, via a growing list of records, called blocks, which are linked – or chained – using cryptography. .
Blockchains resist changes to their data because data in a given block cannot be changed retroactively without changing all subsequent blocks.
With its new offering, VMware is focusing on the financial sector, although blockchain is also used in other sectors.
“A wave of new critical infrastructure construction is underway for applications in financial services, the supply chain focused on manufacturing and retail, and healthcare industries that leverage blockchain technologies to help to troubleshoot issues with disconnected and siled systems, ”VMware said in a press release. “For financial services companies, blockchain technologies radically streamline and simplify operations, enabling banks, brokers, payment processors and other financial institutions to dramatically shorten processing times, reduce manual processing and duplicating messages; and creating new profit centers with features such as simultaneous clearing and settlement of transactions. ”
Because “blockchain functionality can look like sections of an IT manual,” VMware attempted to briefly describe the functionality of its new product in a November 18 blog post:
- State machine replication: “To ensure data consistency and resiliency, even in the most extreme failure scenarios, VMware Blockchain relies on fault-tolerant Byzantine state machine replication.
- Authenticated key / value ledger respecting confidentiality: “In order to prove facts about smart contracts on the platform and allow access to a verifiable, privacy-conscious source of truth, VMware Blockchain stores the state of the blockchain in a key / value data structure. authenticated. “
- Deep integration with DAML: “With this version of VMware Blockchain, we support DAML dApps by natively integrating the DAML interpreter as a state machine in the platform.”
- Enterprise level operational capabilities: “A constant challenge that customers have shared with us is that deploying and supporting blockchain platforms is difficult and complex. With VMware Blockchain, we reduce this complexity by leveraging the investment and familiarity that corporate customers already have in their existing software-defined infrastructure.
David Ramel is an editor and writer for Converge360.