Blockchain News: Blockchain is the underlying technology of cryptocurrencies like bitcoin (BTC). It has been widely used at different levels within various industries and has been touted as having many capabilities. Amazon is leveraging the blockchain ecosystem to launch two new services that are based on it.
ABlog post by the companyAmazon Web Services announced Wednesday the launch of two new services. One is a managed blockchain offering, which will allow customers to set up Amazon Web Services accounts.Just a few clicks to create a scalable blockchain network”That”Automatically scales to meet the needs of thousands of applications that process millions of transactions”
Another product is Amazon Quantum Ledger Database (QLDB), where customers can create a replica of their blockchain activity.
The New Products
Amazon’s new product supports two of the most popular blockchain platforms, Ethereum and Hyperledger Fabric. The first is connected to cryptocurrency ether, which is a popular open source building platform for developers. While Hyperledger Fabric is used by corporate giants such as IBM to build their projects, Hyperledger is used by corporations like IBM.
Andy Jassy, Amazon Web Services CEO said on Wednesday at the company’s re:Invent conference in Las Vegas.
“We don’t make things for optics.”
Jassy says that resources are only spent on things when they “are necessary.”Understand the problem”, he said.This is something that many companies require.Jassy stated that the firm responds to existing customers’ demand. Jassy also pointed out other common customer use cases, including mortgages. health-care records?Supply chain tracking and vehicle history records.
Blockchain use cases
The distributed ledger technology blockchain is often compared with the Internet. However, it’s still in its infant stages and has yet to create any commercially viable products. Many eyes were also pointed to the technology after the cryptocurrency market lost nearly 70% of its value in 2018. Cowen estimates that blockchain will be widely adopted in six years.
Recently, Walmart employed IBM’s Blockchain Technology To Trace Food, becoming one of the first retailers to explain how it will be using the technology. The company explained that lettuce suppliers would have to upload data about the foods to blockchain within one year. This information will then be available to consumers via a simple scan.
In May, Amazon Web Services collaborated with ConsenSys to launch Kaleido Blockchain Platform, to enable consumers to easily put their services on the blockchain. Microsoft offers customers “blockchain as a service” on its Azure cloud.
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