Blockchain News: The underlying technology for cryptocurrencies such as bitcoin (BTC), blockchain has been touted to posing capabilities that can facilitate many use cases and has been increasingly being employed at various levels in various industries. This time around Amazon taps into the blockchain ecosystem and introduces two new services based on the technology.
A blog post posted by the company on Wednesday announces about the two new services, including a managed blockchain offering that will enable Amazon Web Services customers set up “a scalable blockchain network with just a few clicks” that “automatically scales to meet the demands of thousands of applications running millions of transactions.”
The other product is Amazon Quantum Ledger Database, or QLDB, where customers can replicate a copy of their blockchain network activity.
Amazon’s new product will support two popular existing blockchain platforms — Ethereum and Hyperledger Fabric. The former is linked to the cryptocurrency ether and is a popular open-source building platform for developers, while Hyperledger is utilized by corporate giants including IBM to build their projects
Andy Jassy, Amazon Web Services CEO said on Wednesday at the company’s re:Invent conference in Las Vegas.
“We don’t build things for optics.“
Jassy adds that the firm only spends resources on something when they “understand the problem” and said, “this is something that a lot of companies need.” He states the firm is responding to demand from existing customer. Jassy went on to point other common customer use cases including mortgages, health-care records, supply chain tracking and vehicle history records.
Blockchain use cases
Blockchain, the distributed ledger technology is often compared to the Internet, however still in baby stages, the technology hasn’t established many commercially viable products other than cryptocurrencies. With cryptocurrencies market slumped down to almost 70% of its value in 2018, many fingers were pointed towards the technology as well. Meanwhile, Cowen estimates it will take almost six years for blockchain to gain widespread adoption.
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. They elaborated that lettuce suppliers will have to upload data about their foods to blockchain within a year, which will be readily available to the 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.
Read more: Power Ledger Sets Out To Use Blockchain To Power The World
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