Space and Time’s Web3 “data warehouse” has been integrated into the Microsoft (NASDAQ:MSFT) Azure Marketplace, an “app store” for developers using the cloud computing platform. Enterprise builders can now make a one-click deployment of Space and Time’s data product, which allows them to access, manage, and analyze blockchain-native data more easily. This new integration marks an expansion in Microsoft’s support for Web3 use cases, as the company is reinventing itself to stay on top of new trends such as Web3 and artificial intelligence (AI).
The Use Case for Blockchain Data Indexing
Space and Time is an enterprise-focused blockchain data indexing provider. It performs a similar function to popular indexing projects like The Graph or Dune Analytics, offering a structured query interface to efficiently read transaction data from blockchains. Reading data directly from blockchain nodes is usually very slow and expensive, especially if you need historical data. Nodes for chains like Ethereum (ETH-USD) are optimized for producing blocks and performing operations that fill these blocks with transaction data, not for accessing older information.
An indexer like Space and Time first collects all historical data in a one-time operation and then structures it (“indexes”) so that it can be efficiently queried by developers building analytical software, smart contract frontend apps, or others. It then, of course, continues to add data as it comes in, offering full real-time data support as well. An important aspect of this type of service is solving the trust requirement: since they’re not querying blockchain nodes directly, developers need to be certain that the data is not tampered with.
Most providers offer some kind of decentralized node network with a staking requirement. If some data-providing nodes are providing incorrect information, their stake might get slashed, thus creating an incentive to be reliable and truthful. In Space and Time’s case, the same is achieved through a technology called “Proof of SQL,” a cryptographic system based on zero-knowledge proofs that ensures the reliability of the data.
Space and Time also goes beyond the “classical” indexing service, offering its data directly for smart contracts to access. For example, a query like “give me all addresses who interacted with this smart contract in the last 30 days” is nearly impossible to implement directly on-chain. Meanwhile, with Space and Time, this can be done fairly easily by interacting with its contracts.
Blockchain Data for Enterprises
The integration with Azure targets the Enterprise sector of blockchain users. This might include large banks, corporations, exchanges, and other “Web2-native” companies who are looking to adopt blockchain use cases. Any time that some kind of blockchain analytics or data needs to be accessed, a service like Space and Time can be used.
The integration into the marketplace is particularly useful for companies whose stack is already built on Microsoft Azure, the Redwood giant’s cloud computing platform. Cloud platforms are by now the most used system for deploying web servers and databases, underpinning nearly all of the internet we know. Even blockchain nodes can just run from a cloud platform like Azure.
The Azure Marketplace is the “app store” of additional plugins and integrations for Azure users. The integration allows businesses to take advantage of Space and Time’s decentralized “data warehouse” without the need to restructure their existing infrastructure. Combined with Microsoft’s identity and security capabilities, enterprise Web3 applications can be reliably built on Azure. Space and Time also offers the ability to combine blockchain data with the customer’s off-chain datasets, enabling Web3-enabled Big Data use cases.
According to Kathleen Mitford, CVP of Global Industry Marketing at Microsoft, the collaboration between Microsoft Azure and Space and Time aims to equip developers with the necessary tools to create innovative blockchain use cases.
A funding round for Space and Time was led by M12, Microsoft’s venture capital fund, in September of last year. Microsoft has sprung back to action recently, funding and partnering with OpenAI, the company behind the worldwide AI phenomenon ChatGPT. The Azure OpenAI Service allows developers to make queries and interact with the GPT AI models. Thus, Azure is becoming the one-stop shop for all exciting technology trends, including Web3 and AI.
Nate Holiday, CEO and Co-Founder of Space and Time, emphasized the importance of verifiable data across blockchains, enterprises, and AI. He said that integrating blockchain data into applications and business processes is crucial for both customer growth and responsible data stewardship. Holiday also expressed excitement about extending Space and Time’s partnership with Microsoft to bridge enterprise data assets with blockchain and AI innovation.
The integration of Space and Time’s Web3 tools into Azure is one more sign of an upcoming tectonic shift in the technology landscape. Supporting enterprise adoption of Web3 is crucial to make sure new technologies can evolve along neutral pathways that bring humanity forward.
