Amazon Gets into Blockchain Business; Launches Two New Products
Last year, Amazon was planning for its debut in the blockchain industry with Amazon Web Services (AWS), but due to some reasons, could not come to any conclusions. But, finally, despite the huge plunge that crypto had faced this year, Amazon has launched two of its new products based on the same technology, at the Amazon’s re:Invent conference, held on Wednesday in Las Vegas.
One of the two blockchain platforms that Amazon introduced is the Amazon Managed Blockchain. The platform is specially built for the blockchain developers. It helps them develop blockchain networks without having to create their own blockchain platform. The platform supports the two popular existing blockchain platforms — Ethereum and Hyperledger Fabric. Right now, the platform is not available for Ethereum.
“Amazon Managed Blockchain is a fully managed service that allows you to set up and manage a scalable blockchain network with just a few clicks,” Amazon said in an announcement.
The other blockchain based product that Amazon announced at the event is the Amazon Quantum Ledger Database (QLDB), that is a type of log of transactions, which is transparent, stable, and cryptographically verifiable. A central trusted authority will supervise the ledger. The users can replicate a copy of their blockchain activities with the help of this platform.
“Managed Blockchain can replicate an immutable copy of your blockchain network activity into Amazon Quantum Ledger Database (QLDB), a fully managed ledger database. This allows you to easily analyze the network activity outside the network and gain insights into trends,” company website mentioned.
Amazon’s cloud chief Andy Jassy, took three hours to explain about Amazon’s two products as well as talked about its competitors and their products. “We don’t build things for optics,” he said, “AWS only spends resources on something when they understand the problem. This is something that a lot of companies need,” he added.
The availability terms for most of the services announced at the event are still under the wraps, and most of them are going to be more useful for the IT professionals, rather than the business managers. The blockchain services provided by Amazon are open for signups, and after the verification, the users will be able to create their blockchain networks and add more members to their accounts to simulate a multi-member network.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.