Blockchain Development: The Tension Between Societies And Economies Of Virtualization

Blockchain Development: The Tension Between Societies And Economies Of Virtualization image

Virtualization is the process of creating a virtual version of real components, including computer hardware platforms, networking, operating systems (OS), and storages through a series of activities. It dispenses techniques for using resources and devices without having to consider its physical layout.

The contemporary and omnipresent adoption of virtualization has changed the perspective of traditional Information and Communication Technology (ICT). This has brought great changes in all aspects and systems of the society, which affects our day to day lives. This embarked on the immense changes in the entirety of the way business is being conducted in today’s time.

Many companies may it be big or small businesses embrace virtualization as a channel to enhance security, cut IT expenses and boost the efficiency of operation.

Business process virtualization (BPV) and electronic business (e-Business) provide an entirely new way of conducting business that is much more efficient.  BPV secures business credibility by examining closely all of the business processes and how each process interrelates with each other. E-business uses mainly the internet to trade products and services.

Types of Virtualization

Application Virtualization

This is the process of turning applications into virtualized ones and delivering it from a server to the user’s device such as a laptop. This will let you gain access to the application in your device rather than logging into your computer at work given that there is an internet connection. This also helps businesses to run even when you're on the go.

Desktop Virtualization

This is the process of separating the desktop environment from the device configured as a virtual desktop infrastructure (VDI). This will help you gain access to your personal files and applications even without bringing your working computer. Like the application virtualization, you can work or run your business everywhere. This also lowers the cost of application upgrades, updates and licensing.

Hardware Virtualization

This is the most common type of virtualization that uses virtual manager (VM) called “hypervisor”.  The “hypervisor” generates virtual versions of computers and operating systems (OS) and then unite them into a bigger physical server that lets you use different operating systems on one or the same machine simultaneously.

Network Virtualization

This the process of combining all networking equipment both hardware and software network resources functionality into a single, software-based resource. Each independent channel from the multiple division of bandwidth can be assigned as a device and serves in real-time. Businesses with a larger number of users will benefit in this type of visualization since there will be an increase in network speed that allows them to deliver application products and services faster.

Storage Virtualization

This is commonly called “cloud storage” or “cloud”. It is the process of clustering the physical storage from multiple network storage devices into a single storage device. Your files are safe since the data stored in the “cloud” can be replicated and transferred to another location, this makes recovering data easy.

All of these radically and fundamentally shape the economies of virtualization that shed answers and provide new perspectives about the long-held assumptions regarding the costs, convenience, feasibility, how the network works and how it should be operated. When the economies of virtualization are effectively executed, it can help businesses and provide a lot of advantages. In the end, a company could be 100% virtual and reside in the cloud.

The development of blockchain has brought a lot of advantages, especially to the digital economy. It threatens the traditional transaction chain since this unique type of technology is almost unbreachable because of its “decentralized” system that exists only between all authorized or permitted parties.

It is being adopted globally and embraced by many traders.

One of the most leading qualities of this system is its unique shared ledger that helps you track your transactions. It secures every piece of the necessary information that you want to know from a single transaction and provides information about both buyers and sellers.

The reason for the tension between the societies and the economies of virtualization is because blockchain technology has permeated wholly the socio-economy.

The development of blockchain technology has skyrocketed to fame for its potential to generate massive and almost immeasurable, globally pervasive and distributed ledger running on millions of servers and devices, and its capability of recording almost everything that has value.

Business process virtualization (BPV)  is definitely a way for companies to reduce costs without the need to reduce headcount. However, through the development of blockchain, the infrastructure cost is reduced, there is effective data management, transparency, faster processing cycles, transactions are made possible without paying intermediaries or middlemen which saves time and decreases the possibility of conflicts.

The technology’s ability to record, store and advance any varieties of assets with ease, automation and in a decentralized manner has sparked interest in the conspicuous from startups and the overall financial service industries which are seeing the possible use cases and applications in multiple areas.

This technology can go through different channels from buying and selling stocks, properties, products, and services. Blockchain’s breakthrough helps in mobile banking,  blockchain healthcare, Internet of Things (IoT), marketplaces and capital market, smart contracts, financial technology applications, security in your identity and privacy, peer-to-peer transfers and many more aspects.

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