Blockchain is a distributed public digital ledger that is decentralized in keeping records by use of computers across various computers. It is a distributed ledger that has enabled the process of tracking assets and keeping all the transactions in a business. Assets can be tangible such as cash, or intangible such as property. Blockchain is gaining much popularity but also beginning to challenge the practices in the technology sector. Most industries prefer blockchain technology better than using measures for doing work.
In today’s business world, blockchain has gained more awareness, and most companies will be affected by the use of blockchain. Blockchain is relatively faster, and many industries prefer it in operation. In today’s enterprises, we look at an example of Microsoft and its technology in the blockchain. Microsoft has been a world technology giant supporting the bitcoin system since 2014. It was founded by Bill Gates on April 4, 1975, when the world used to operate by using typewriters the main aim of Microsoft was to enable people around the world to prove their potential by developing and marketing software, hardware, and other devices which w be used with the computers (Bodhi et al., 2020). Blockchain will affect Microsoft by reducing the cost of dispute resolution, which may lead to trust in several multinationals. International and local industries now use Microsoft. They build and deploy decentralized channels with less complexity in terms of infrastructure. Microsoft has the assurance of the products’ security by using blockchains. The security is based on the bits of help of Altcoin and this is where the transactions are done and they ensure successful payment is made to avoid fraud, theft, and hacking. This security has been boosted by the build of end –to end Web applications that Azure developed from Microsoft.
Blockchain technology has affected a lot on Microsoft operations. Microsoft has marketed bitcoins more simply and quickly, which has attracted more companies in the world. The reason for this attraction is that security is the primary concern of the blockchain. They have strong security measures that have won and brought more investors worldwide. Microsoft will also be affected by losing the business because of the bitcoin value volatility (Bodkhe et al., 2020). Bitcoin has no volatility in terms of price. Microsoft has a role in controlling all the transactions that are done. They can track the transaction made by ensuring all are in bitcoin form because Microsoft is paid directly by bitcoin to their account without alteration or any delays.
Microsoft has also advanced by ensuring the products’ prices are well and keenly displayed on the internet and websites since the blockchain payment has no irreversible terms after the transaction has been successfully made. When someone makes the payment and receives the product, he cannot charge or alter the price after the product has been delivered (Pereira et al., 2020). Research has shown that blockchain technology has affected Microsoft, where investors have hopes for future success despite risks; it has better revenue in the coming five years.
Several strategies used by Microsoft to train the team on the blockchain have led to more secure data through encryption and hashing blockchain technology. The sender’s and receiver’s key transactions are transmitted using an algorithm called SHA256. This Algorithm ensures that the receiver’s address is encrypted from the sender’s key side (Sikorski & Kraft, 2017). The other method to train the team on the blockchain is using untested code where the Decentralized Autonomous Organization is built to execute the code. The team can be trained in testing intelligent contracts, done mainly by independent testing region .regulations training. Endpoint vulnerabilities are strategies used to train the team; this is where humans meet with the blockchain. They include the interconnection of computers in business and individuals to get block chain service they require. The teams are trained on the antivirus for windows and Android because the blockchain is not stored in text files. Recommended security methods applied while using blockchain include Blockchain Security networks. It consists of networking infrastructure, databases, and information technology. This security measures review of security postures protects the protocol of an event. Microsoft has enhanced this security in their company for many years. Smart contract security is the other recommended security that Microsoft has adopted while using the blockchain. This security is programmed and creates appoint of vulnerability which determines the trustworthiness of the results. They are sets of codes within the blockchain.
Another security in Microsoft is blockchain application security. In this security, much other information is accessed using blockchain and secured with a robust authentication protection endpoint. Training on vender risk is also essential to the team through blockchain payment platforms (Sikorski & Kraft, 2017). The platform enables the teams to be aware of several payment modes. The team also needs training that lacks regulation, which is a significant threat in block chai. Blockchain is used only internally within an organization and this helps in minimizing risk. Information security training can be used as a safety method to prevent blockchain-based fallout and ensure successful utilization. The embracing of privacy tech is security by Microsoft, which applies to selective private information privacy and zero knowledge designed around the customer’s compliance to operating within the blockchain. Finally, Microsoft’s security methods use trusted auditors and third parties, intelligent audit contracts, blockchain infrastructure, penetration tests, and security assessments. They also face threats such as hacks, automated agents, and cryptographic algorithms. Microsoft uses blockchain by continuing to develop a platform and opens source tools that can also be applicable on the blockchain channels.
Blockchain technology has created permanent records in any transaction made. Fraud data loss and hacking have been reduced drastically, which has attracted the most usage of blockchain and has been adopted by many multinational companies worldwide. Bitcoin has been at the forefront of practice and fully implemented through the use of blockchain (Perera et al., 2020). Most industries using blockchain technology have much trust without involving any authority which has been centralized.
In conclusion, blockchain is a relatively advanced technology gaining momentum in various industries worldwide. Even though it has not been more widespread, once it becomes widespread, it could be a more powerful tool democratization of data that will encourage transparency. Despite blockchain holding great hope for the enterprise, it is also facing risks of cyber hacks even though in a small area. The application of blockchain in the world is increasing with the easy and faster transactions which are more transparent. The world is moving faster on the blockchain, which is why it is increasing to penetrate every region. Microsoft has been widely used to spread the blockchain, and when we look at Microsoft and its operation, multination companies have embraced it, and this blockchain will also be adopted. Blockchain may change the operation of the world in the future, and the world will follow the blockchain.
References
Bodkhe, U., Tanwar, S., Parekh, K., Khanpara, P., Tyagi, S., Kumar, N., & Alazab, M. (2020). Blockchain for industry 4.0: A comprehensive review. IEEE Access, 8, 79764-79800.
Perera, S., Nanayakkara, S., Rodrigo, M. N. N., Senaratne, S., & Weinand, R. (2020). Blockchain technology: Is it hype or honest in the construction industry? Journal of Industrial Information Integration, 17, 100125. Mettler, M. (2016, September). Blockchain technology in healthcare: The revolution starts here. In 2016 IEEE 18th international conference on e-health networking, applications and services (Healthcom) (pp. 1-3). IEEE.
Czachorowski, K., Solesvik, M., & Kondratenko, Y. (2019). The application of blockchain technology in the maritime industry. In Green IT Engineering: Social, Business and Industrial Applications (pp. 561-577). Springer, Cham.
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