Amazon Web Services (AWS), the online cloud and database service from retail giant Amazon, has announced the release of Amazon Managed Blockchain (AMB). The revolutionary new service from one of the largest suppliers of cloud-based business applications will put blockchain technology into the hands of millions of businesses worldwide.
The new service provides the ability to build upon not only Ethereum but also Hyperledger Fabric, an open-source blockchain development solution hosted by the Linux Foundation and used extensively in collaborations with IBM.
Hyperledger Fabric Service
Through the use of Hyperledger Fabric, The Amazon Managed Blockchain service will give businesses the ability to quickly and easily build highly secure, scalable and reliable private blockchains. Unlike public blockchains that have been made famous by cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), private blockchains are used within a company or group of companies for internal business purposes.
The service will expose companies to the many benefits of distributed ledger technology, such as smart contracts, decentralized applications, automated confirmations and all the associated time and cost savings.
The addition of Ethereum blockchain support provides businesses with the added benefit of hosting more publicly available blockchains such as those required for customer rewards programs. Blockchains built upon Ethereum can be designed to be entirely transparent while remaining immutable and independently verifiable. In addition, it provides a conduit of access to the hugely popular Ethereum public blockchain.
Unlike in-house blockchain systems, the cloud-based AMB service doesn’t require any additional hardware installation or complex network and software configuration. Common concerns such as transaction speeds and network safety are all managed by AWS.
Blockchain in Industry
Blockchain technology has rapidly grown in popularity over the past few years, offering significant benefits to businesses in the healthcare, supply chain, finance, and retail sectors. Several large-scale financial trading institutions have already implemented blockchain to automate previously time-consuming and resource-heavy processes.
Retail and supply chain benefit from the reliability and transparency of tracking information across multiple international platforms without the need for centralized control.