Amazon Announces a Blockchain Quantum Ledger and AWS Managed Blockchain

by | Jan 3, 2019 | Blockchain, Cryptocurrency News

Amazon | Blockchain Quantum Ledger | AWS Managed Blockchain

Amazon, the multinational retail company recently announced two services that will employ blockchain and Distributed Ledger Technology (DLT). Very positive news for the ecosystem as adoption by a giant like the Amazon will boost blockchain towards mainstream adoption.

The official announcement by the company states that the Amazon Quantum Ledger Database (QLDB) will be their fully managed ledger database that provides a transaction log owned by a central trusted authority. QLDB will use  SHA-256 cryptographic hash function
in order to ensure the log’s transparency, immutability, and high verifiability.

Amazon Quantum Ledger Database

Furthermore, QLDB will track every application data change and works to maintain a comprehensive and verifiable record of changes over time. Amazon also states that currently the service only provides an append-only, immutable journal that keeps track of all changes. The key featured of QLDB as recognized by Amazon are transparency, scalability, speed, and ease of use. In addition, the database can execute two to three times more transactions compared to current blockchain offerings.
A  majority of prevailing blockchain systems employs decentralized networks, which require a significant number of network members to reach consensus on the validity of the transaction. However, QLDB has a centralized design, which enables it to swiftly execute transactions without the need for multi-party consensus.

On Board clients

Healthdirect Australia and Smaato have been confirmed as customers for Amazon’s QLDB. Bruce Haefele, the General Manager at Healthdirect Australia, a national, government-owned, not-for-profit organization has stated:

“Healthdirect Australia operates in a heavily regulated industry, and it is critical that our compliance data is correct and auditable. With Amazon QLDB we look forward to having a complete and verifiable history of every change in our system, making it simple to audit when and how we arrived at our current state”.

Ragnar Kruse, CEO of Smaato, a leading online ad exchange outlines the benefits of using such a service:

“All participants in the online advertising and real time bidding market segments are interested in transparency throughout the entire lifecycle of an online ad auction, from the initial auction, to the winning bid, and ultimately through to the final impression delivery and who it’s actually shown to”.

In future Amazon expects that this service will be adopted by operators in Finance, Manufacturing, Insurance, Retail, Supply Chain, and HR and Payroll.

AWS Managed Blockchain

In addition, the retail giant has also launched the AWS Managed Blockchain. Aimed at aiding enterprises to create and manage scalable blockchain networks using the two popular open source frameworks, the blockchain service supports both Ethereum and Hyperledger Fabric.

Moreover, the Amazon Managed Blockchain can replicate an immutable copy of a company’s blockchain network activity into the Amazon Quantum Ledger Database (QLDB). This will enable users to analyze various aspects of network activity and keep track of emerging trends with ease.  It is expected to scale up to thousands of applications and to allow users to run millions of transactions.

Furthermore, the service is also to scale toIt can also be used to manage certificates, invite new members to join the network and track metrics such as usage of memory and storage resources. AWS Console could be easily navigated by users to configure nodes, add members, or to deploy applications. AWS CEO Andy Jassy recently stated

 “This service is going to make it much easier for you to use the two most popular blockchain frameworks. When we heard people saying ‘blockchain,’ we felt like there was their weird convoluting and conflating what they really wanted, and as we spent time working with customers and figuring out the jobs they were really trying to solve, this is what we think people are trying to do with blockchain”.

What’s next Amazon?

While this new endeavours are great, the cryptocurrency ecosystem is looking for the retailer to start accepting cryptocurrency payments soon. It was reported that Amazon acquired AmazonEthereum.com, AmazonCryptocurrency.com, and AmazonCryptocurrencies.com in 2017. This sparked rumors that crypto adoption was imminent, however, currently, Bitcoin holders are forced to use an intermediary site like purse.io in order to use their crypto holdings to make purchases on Amazon.

Remaining tight-lipped about such a possibility, the top brass at Amazon might also be considering the  possibility of an Amazon coin. In 2017, Amazon saw over $177 Billion in revenue and their acceptance of cryptocurrency could easily change much for the ecosystem. Along with purchases on the main site, the token could also be used at Twitch, Audible, and Amazon subsidiaries such as CreateSpace, Whole Foods Market, and Zappos.

The acceptance form any of the high-performing technology stocks such as Facebook, Amazon, Netflix, or Google would represent a major step towards mass adoption.

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Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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