VMware, Inc. (NYSE: VMW), often referred to as the ‘king of cloud’ and a leading innovator in enterprise technology, is enabling its distributed ledger multi-cloud platform to deliver blockchain-as-a-service.
vFORUM 2018 – Singapore Edition
On October 4, 2018, vFORUM was held at the most iconic building in Singapore, Marina Bay Sands Convention Centre. The event presented cutting-edge technologies in network security and drew the attention of tech enthusiasts and enterprises worldwide.
To help banks and FSIs strike a balance between innovation and scalability, VMware announced new advancements to help customers implement a more secure, end-to-end software-based network architecture, a Virtual Cloud Network (VCN), that will enable pervasive connectivity and intrinsic security for hyper-distributed apps and data, regardless of the cloud environment.
Banks, FSIs and businesses that put agility, innovation and security at the core stand to benefit from the VCN by unlocking value from current networking technologies, significantly reducing network complexity, and redefining network security.
In late August, VMware launched Project Concord, a permissioned blockchain platform that can address the Byzantine Fault. Mr Mike DiPetrillio, Senior Director of Blockchain at VMware, cautioned on overselling the concept of blockchain such as resolving world hunger and narrowed its benefits down to five applicable use cases:
- Guaranteed and verified data dissemination, e.g. information embargo
- Asset and product tracking, e.g. food tracking
- Asset transfer, e.g. payment and deed transfer
- Certified claims, e.g. background checks
- A combination of the use cases, e.g. supply chain
In this new technology paradigm, VMware not only focuses on optimising cost for enterprises but also helps enterprises to reach business advancement with innovative tools. The permissioned blockchain is built with Byzantine Fault Tolerance (BFT) through simplifying and streamlining communication between nodes.
Consequently, Project Concord enables scalability and overall network throughput. As compared to other BFT platforms that support up to eight nodes, VMware can support 200 WAN nodes, and reach network latency of 600 milliseconds. With high scalability, Project Concord is able to support operations of enterprises.
Project Concord is also an open sourced and energy efficient engine. Thus, customers do not have to break the bank on energy cost as mining takes lesser time to execute. The permissioned blockchain allows firms to utilise multi-blockchain management such as Hyperledger and Quorum. Mr Bruce Davie, VMware’s Vice President & Chief Technology Officer of APAC & Japan said:
“We unlocked the possibilities of technology by allowing customers to utilise other networks such as Amazon Web Services (AWS). Hence, customers can accelerate micro-segmentation planning and deployment.”
Let’s get nerdy
The hybrid cloud-native application architecture integrates blockchain node with the functionalities of private cloud. In addition, the developer-ready infrastructure includes application, PKS/VIOK, PAS & Dispatch, vRealise Suite/VIO, vSphere Suite and vxRail/vxRack. Other applications that could leverage blockchain are: integrating monolith and blockchain data to retrieve data on blockchain; completely decentralised applications such as Web3.
“However, the main hurdle of deploying the blockchain architecture on enterprise is the lack of mature DevOps,” Mr Mike concluded on the highlights of the current industry landscape.
Mike deep dived into the sophisticated blockchain service architecture of the future and presented a chart of deployment models and integration results. One of the examples is the birth of off-chain storage through a combination of private cloud, data centre service and blockchain-as-a-service.
How would the hybrid of cloud and blockchain services affect the financial institutions?
The hybrid of cloud and blockchain services can transform the financial services by countering fraudulent activities. Blockchain offers a common plane of data and is tamper-proof. Thus, it is a framework for establishing trust between multiple institutions. Moreover, cloud services compliment the blockchain as an online storage vault. This enables banks and financial institutions to get an accurate overview of information flow such as establishing account ownership and fending off money laundering attempts. With regards to the future developments of VMware, Mr Bruce said, “VMware is actively researching and designing products in partnership with financial services customers that reduce fraud for a variety of potential use cases.”
Photo Credits: vFORUM 2018
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