Microsoft’s Azure helping businesses bridge the Blockchain Gap
“Not everyone is using blockchain yet because blockchain was not built for enterprise. In fact, Ledgers designed for public network cryptocurrencies lack the performance, confidentiality, and governance capabilities needed for commercial use, smart contracts were not designed to leverage existing enterprise tools and skill sets while there are various challenges to integrate a blockchain with existing IT architecture.”
This was outlined by Kostas Pantos, Cloud Solutions Architect for Microsoft Greece, Cyprus and Malta in his keynote presentation at the recent DELTA Summit of which Microsoft was one of the main sponsors.
In his presentation entitled “Cloud Computing Powered Blockchain” Mr Pantos explained how companies and institutions looking to provide differentiated customer experiences often face an uphill battle managing manual multi-party workflows.
“Blockchain on Microsoft’s Azure platform means blockchain according to the customer’s terms, integrated with the business and provides secure off-chain integration ensuring security, confidentiality, scalability and compliance.”
He also referred to a number of blockchain case studies handled by Microsoft and explained how through its Azure platform, Microsoft has helped global brands optimise their operations and achieve greater success.
“In the case of Singapore airlines for example, the company wanted to build their customer participation and loyalty by making it easier for customers to redeem their frequent-flyer rewards points with a first-of-itskind blockchain initiative. They also needed a way to manage their ever-expanding network of partners. The airline therefore, partnered with KPMG Digital Village and Microsoft to create a rewards program that linked customers’ digital wallets to their KrisFlyer reward miles using blockchain. As a result, customers can now use their digital KrisFlyer miles for point-of-sale transactions throughout an expanded retail partner network leading to increased mileage program participation and loyalty to the Singapore Airlines brand.”
Another example concerned global food company Nestlé which wanted to optimise its supply chain. The company wanted to reduce supply chain management costs associated with one of their flagship confectionary products while also making it easier for customers to see the journey of the product from farm to fork. To address this,
Nestlé and Microsoft designed a blockchain solution to give them real-time visibility into their supply chain. Blockchain technology engaged the tactical and strategic angles of the supply chain to reduce costs, ensure quality, and increase revenue and Nestlé enjoyed enhanced visibility into their confectionery export process and improved their ability to address inefficiencies and resolve disputes involving both suppliers and consumers.
“This is where blockchain presents an opportunity for such organisations to streamline workflows and extend digital transformation into the processes they share with other parties. In fact, blockchain technology is already being used to transform everything from trade finance and commercial insurance to regulatory compliance, from the improvement of provenance tracking of critical items by logistics companies to expanding customer loyalty by global airlines, from the offering of more secure maritime insurance to reducing booking errors by travel agencies.”
“Whatever the solution needed, Microsoft delivers enterprisegrade blockchain offerings that simplify application development and network management, enabling companies to create transformative blockchain solutions and manage and govern networks at scale,” Kostas Pantos added.