Just as the cryptocurrency sector is constantly changing and evolving, the enterprise blockchain industry has been undergoing its fair share of developments lately. Most recently, enterprise blockchain solutions are shifting from private, closed networks to public, open systems. This has largely been made possible due to advances from the Ethereum network, which are ensuring better privacy, scalability, throughput and more for enterprise clients.
A new industry analysis report demonstrates this shift, noting that the global blockchain technology market size is expected to reach $72 billion by 2026, rising at a market growth of 51.8% CAGR during the forecast period. Interestingly enough, findings from the report show that during 2020, the public enterprise blockchain market segment emerged as the leading model with the highest share in the global market.
As more enterprise blockchain solutions shift to public networks, it shouldn’t come as a surprise that Microsoft recently announced that its Azure Blockchain Service is migrating users to alternative offerings. It’s important to note that Microsoft’s Azure Blockchain was originally created from a sandbox-style service in 2015 on Ethereum in partnership with ConsenSys. In 2019, the solution was offered as a fully managed blockchain-as-a-service, or BaaS.
Fast forward to 2021, and a recent blog post from Microsoft states that Azure users must now “migrate ledger data from Azure Blockchain Service to an alternate offering.” The article further recommends for users to move to the Quorum Blockchain Service, or QBS.
For context, QBS is a managed offering by ConsenSys on Azure that supports Quorum as ledger technology. Quorum allows enterprise clients to build blockchain solutions on the public Ethereum mainnet, along with private networks.
Emmanuel Marchal, global head of sales for the blockchain software firm ConsenSys, told Cointelegraph that given ConsenSys’ ownership of Quorum, along with the company’s…