Despite the current situation around the cryptocurrency world, the world’s leading e-commerce Company, Amazon ventures into the blockchain space.
AWS launches two blockchain-based services
The company stated that they see a huge opportunity with blockchain technology despite the current state of cryptocurrencies. The belief in the potential of blockchain has led the company to launch two blockchain-based products: Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain.
While making the announcement yesterday, November 28, the company stated that Amazon Web Services customers would have the opportunity to set up a scalable blockchain network easily with just a few clicks. The network when created will automatically scale to meet the demands of millions of transactions that are conducted via thousands of applications, the company added.
The Amazon Quantum Ledger Database has been designed to be a fully managed ledger database that would provide transaction logs that would be transparent, immutable, and cryptographically verifiable. The transactions log could even be owned by a central trusted authority. This service will be able to every application data change while also maintaining a complete and verifiable history of changes recorded over time.
Talking about this service, the company stated that “Amazon QLDB is a new class of database that eliminates the need to engage in the complex development effort of building your own ledger-like applications. With QLDB, your data’s change history is immutable – it cannot be altered or deleted – and using cryptography, you can easily verify that there have been no unintended modifications to your application’s data. QLDB uses an immutable transactional log, known as a journal, that tracks each application data change and maintains a complete and verifiable history of changes over time.”
Amazon claims that this product can execute two to three times more transactions compared to the existing products. It has other benefits to users such as providing developers a SQL-API that similar to what they are familiar with, a flexible document data model, and a full support for all transactions.
Amazon Managed Blockchain to support Ethereum and Hyperledger Fabric
The second product launched is Amazon Managed Blockchain. This is another fully managed service that would enable users to set up and manage a scalable blockchain network with ease. The product will support two already existing blockchain platforms — Ethereum and Hyperledger Fabric. It can operate alongside the first product to make it easier for users to create and manage their networks.
AWS stated that “Amazon Managed Blockchain eliminates the overhead required to create the network, and automatically scales to meet the demands of thousands of applications running millions of transactions. Once your network is up and running, Managed Blockchain makes it easy to manage and maintain your blockchain network.”
While speaking at the company’s re:Invent conference in Las Vegas, the CEO of AWS Andy Jassy stated that the company doesn’t build things for optics, adding that they only spend their resources on a problem that a lot of companies are looking to pay to solve.
Amazon has already dipped its hands into the crypto space as it makes use of Ethereum on its cloud network. The company partnered with Kaleido back in May to develop a product that would make it easier for customers to offer their services on the blockchain.