Amazon is reportedly coming up with a blockchain service to enable clients to create digital ledger networks without spending a penny of creating their own platform.
The news was unveiled during Amazon’s re:Invent conference that held on Wednesday 28th November 2018. The blockchain service dubbed Amazon Managed Blockchain will be a completely managed service that makes it convenient to develop and control scalable blockchain networks. The users will be provided with an option to develop their platforms by using any one from Ethereum and Hyperledger Fabric. Ethereum, however, is not yet available for the development of the platform.
It is said that the new platform is a brand aspect of Amazon Web Services, a cloud unit of Amazon. AWS powers many websites and services such as Netflix. AWS on its website commented on its managed blockchain service informing on how it will operate. According to the company’s website, the service will do away with the need to develop the network and meet the demand of a large number of the application running million of transactions. The service, in short, will save money spent by companies on developing their own blockchain technology.
The firm believes that the new blockchain platform will have the capacity to store data on another database product. The company was reported saying that the Managed Blockchain services will have the ability to replicate an immutable copy of the user’s blockchain network activity into Amazon Quantum Ledger Database, which is a completely managed ledger database. The replication will enable the users to efficiently analyze the network activity outside the network and attain insights into the trends.
Here, it is important to note that the Quantum Ledger Database by Amazon is not a digital ledger platform like blockchain. It can be used together with blockchain products of Amazon to organize the verifiable and complete history of data changes.
The much talked about service is at the moment in preview allowing the interested parties to get themselves enrolled in the service. The approved applicants will then be provided with the necessary tools to create a blockchain network. At this point, they will have the option to invite other Amazon Web Services members or add more members their own account as a way to stimulate a multi-member network, as discussed in the FAQ section.
Amazon has been in talks for a long time to develop managed blockchain services. The company was earlier in news in 2017 for its efforts in understanding the demand of the customers and evaluating various ways it can help them. It was no before Q1 of 2018 that the company realized its potential to help users by developing managed blockchain service as more and more of people and companies are striving to embrace the decentralized mode of conducting the transaction and signing a deal. Blockchain technology, recently, has gathered interest across the world with many financial institutions, tech firms, and companies belonging to varied sectors of the world economy. Amazon’s managed blockchain service is likely to prove beneficial for many businesses.
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