Box 1: BlobStorage with Premium Performance,...
Application1 requires high transaction rates and the lowest possible latency. We need to use Premium, not Standard.
Box 2: General purpose v2 with Standard Performance,..
General Purpose v2 provides access to the latest Azure storage features, including Cool and Archive storage, with pricing optimized for the lowest GB storage prices. These accounts provide access to Block Blobs, Page Blobs, Files, and Queues. Recommended for most scenarios using Azure Storage.
Reference:
https://docs.microsoft.com/en-us/azure/storage/common/storage-account-upgrade