Amazon (AWS) Launches Managed Blockchain Service Despite Being Disinterested Last Year

Andy Jassy, the CEO of AWS, said just a year ago that the company wasn’t intending to setup any services with blockchain technology in the foreseeable future.

He was unenthusiastic and didn’t see the use case in it. In fact, he went as far as to say that AWS won’t just “build technology because we think it is cool.” Evidently, he came up with some reason that blockchain technology could help, because Bloomberg reported on Wednesday that they are going to be using it in a new venture.

According to Bloomberg, the distributed ledger technology will be used by Amazon Managed Blockchain, which is:

“a new service that can be used to manage peer-to-peer payments, process loans and help businesses transact with distributors and suppliers.”

Much of the effort seems to be working to ensure that Amazon remains ahead of other rivals in cloud computing, like Microsoft and Google.

Jassy stated, “This service is going to make it much easier for you to use the two most popular blockchain frameworks.” The new blockchain network will be scalable in many applications, giving them option to run millions of transactions. Right now, the company is supportive of Hyperledger Fabric, with Ethereum support to come. On the start of Managed Blockchain, Jassy said,

“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.”

The company issued a statement on the way that this new project will impact the current platform, saying,

“Managed Blockchain can replicate an immutable copy of your blockchain network activity into Amazon Quantum Ledger Database (QLDB), a fully managed ledger database. This allows you to easily analyze the network activity outside the network and gain insights into trends.”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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