
Explanation

Box 1: Azure Stream Analytics
Users can now ingest, process, view, and analyze real-time streaming data into a table directly from a database in Azure SQL Database. They do so in the Azure portal using Azure Stream Analytics.
In the Azure portal, you can select an events source (Event Hub/IoT Hub), view incoming real-time events, and select a table to store events.
Stream Analytics leverages versioning of reference data to augment streaming data with the reference data that was valid at the time the event was generated. This ensures repeatability of results.
Box 2: Replay
Reference data is versioned, enabling to always get the same results, even when we "replay" the stream.
Reference:
https://docs.microsoft.com/en-us/azure/azure-sql/database/stream-data-stream-analytics-integration
https://azure.microsoft.com/en-us/updates/additional-support-for-managed-identity-and-new-features-in-azure-st