Amazon is the leading e-retailer in the United States and recorded a Net sales of 178 billion in 2017. While the e-commerce section of Amazon is vast and continuing to grow, Amazon Web Services is also a large part of the company. On November 28th, Amazon Web Services announced that they are going to introduce Amazon Managed Blockchain services. Amazon announced with this that they will be beginning to offer services to make it easy to create and manage scalable blockchain networks on Hyperledger Fabric and Ethereum. Hyperledger Fabric is an open source blockchain network implementation hosted by the Linux Foundation and Ethereum is the popular cryptocurrency that currently has a market cap of over 10 billion US dollars.
“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 Web Services stated in their press release. Now with Amazon Web Services offering blockchain based solutions, there is an incredible amount of overhead taken off the developer in terms of creation, and scalability. With a blockchain managed through Amazon Web Services, you are easily able to handle a couple thousand computations, or a couple million.
Amazon is actually offering two new services in regard to blockchain development. The first service they are offering is called “Amazon Quantum Ledger Database (QLDB)” and this is a fully managed ledger database that logs data or transactions cryptographically in an immutable, and completely transparent database. This Quantum Ledger Database helps maintain a complete history of all the logged data over time. Many traditional centralized databases struggle with security, and the fact that they are not immutable. Databases are also subject to human error, and it can become a time-consuming task to iterate through and search for the items of interest. The Quantum Ledger Database uses an immutable transaction log, and provides a familiar SQL-like API, to help developers transition to this new piece of technology.
The second service that Amazon Web Services will now be offering is an Amazon Managed Blockchain. The blockchain services that Amazon will be offering to build on are Hyperledger Fabric and Ethereum, with Ethereum coming soon. Amazon realizes that currently, it is pretty difficult to maintain/manage blockchains, as well as set them up. Amazon is hoping to eliminate some of these harder technical steps and give developers ease of access to set up a scalable network in just a few clicks. Amazon enables developers to build applications and even implement Quantum Ledger Databases to store records in blockchains.
Overall, this is exciting news for developers in the cryptocurrency field. With Amazon Web Services offering multiple blockchain solutions to provide ease of access to developers, this will hopefully it will spark some new interest and more people with computer science backgrounds will move into blockchain development. In terms of price action, I don’t think this news of development on the Etheruem blockchain will have much of a direct impact on the price of the coins at all. Amazon is slowly rolling out support for building on Ethereum, and it is not available at this time. If anything this news gives investors some security to know that the technology they are invested in is being used for its root purpose, blockchain development. Ideally, this news helps move the development landscape towards blockchain based solutions, eventually directly on the Ethereum blockchain.
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