Blockchain software company, ConsenSys, semiconductor manufacturer AMD, and investment management firm, Halo Holdings in Abu Dhabi, are cooperating on a project to develop a Blockchain-based cloud computing infrastructure. ConsenSys announced this news in an interview on June 4. Also, these companies built W3BCLOUD device which is used to develop AMD hardware-based data center product to be used in the future to provide Blockchain-based infrastructure. In this regard, ConsenSys will designate some specialists in the area of Blockchain transactions computing, security matters, and applications in technology.
Blockchain-Based Cloud Computing
Cloud computing infrastructure is a type of database which has been implemented on a cloud computing basis. Many companies apply this basis to perform computations regarding their database. However, with the advent of Blockchain technology, the database has assumed a new concept; hence, companies such as AMD and ConsenSys are aspiring to combine Blockchain with a cloud computing system to build a comprehensive infrastructure that would be able to eliminate cloud computing problems.
Reportedly, W2BCLOUD is supposed to be the first independent Blockchain cloud computing infrastructure to meet the needs of the public and private sectors. Product and Blockchain technology manager, Joreg Roskowetz, stated that this product is going to be designed to tackle challenges such as smart identity, enterprise data centers, and health ID tracking to issue license and supply chain management. AMD chips have been very popular in the Blockchain network, and they are especially used for cryptocurrency mining. From the one hand, 10% of this company income in the last quarter income has come from cryptocurrency mining. With the changes in Bitcoin price, hype and investment in this area have decreased and according to the miners, themselves, their revenue was minimal at the end of 2018.
Recently in December, ConsenSys signed a Memorandum of Understanding with SK Group, a South Korean company. This Memorandum was about developing a Blockchain business model using smart contracts. Moreover, this Memorandum included training Ethereum Blockchain developers in the South Korea by the SK Holdings C&C’s Tech Training Center from the ConsenSys company.
In November, AMD cooperated with seven technology big cats to develop eight new cryptocurrency mining rigs. AMD announced that this cooperation leads to new Blockchain computational solutions in the market to meet the needs of innovative Blockchain platforms. Furthermore, AMD released a video on Blockchain, which was about the main features of this technology, and named its main advantages to be trust, integrity, and security.