Dell-owned software company, VMware launches its business blockchain platform. In 2018, under the name of Project Concord, VMware first beta announced the platform. VMware Blockchain, the product, will help companies to develop and deploy decentralized applications.
With the proprietary consensus mechanic called Scalability Byzantine Fault Tolerance (SBFT) VMware states that its blockchain platform deals with the problems of scalability and performance. Hence, this mechanism protects fault tolerance and defence. Similarly, the blockchain maintains decentralized confidence and supports multi-party network governance, says the company.
The dell brand is targeting financial services, manufacturing, retail, healthcare, and supply chain industry. As a result, these players serve as key customers for its blockchain platform.
“We have been focused on building an enterprise-grade blockchain platform that meets the most stringent application requirements of the financial services industry and other mission-critical distributed workloads that require reliable and high-performance blockchain services,” said Brendon Howe, VP and general manager of blockchain at VMware. “VMware Blockchain delivers to customers the enterprise features they need for production today and the flexibility to adapt to future needs in the rapidly evolving blockchain space.”
The blockchain supports DAML, a contract language open source. Essentially, DAML is a smart contract language that enables developers to accurately code multi-party agreements for a variety of blockchain. These variety may include DLT or even standard database architectures. The open-source language for smart contracts breathes a new life into this application genre (smart contracts). This enables peers to transact in an environment of trust. Similarly, Digital Asset start up, crypto-start also supports the DAML Smart Contract Language.
The VMware Blockchain was first implemented on the Australian Stock Exchange Ltd. This has been working on a blockchain-based alternative to its 1995 CHESS electronic payment system with Digital Asset since 2017. This ASX implementation also includes the use of intelligent settlement DAML contracts.