Amazon Cryptocurrency Exchange Coming Soon After AWS Blockchain Templates & Streaming Data Marketplace Releases, the world’s biggest E-commerce platform is working on a system that is aimed to make it easier for developers to create projects based on blockchain technology.

With the launch of AWS Blockchain Templates (on top of the Streaming Data Marketplace patent), Amazon wants to give its users pre-set blockchain frameworks that support two versions of the technology, that is Ethereum and the Linux Foundation's Hyperledger Fabric.

Amazon Web Services (AWS) is a comprehensive, evolving cloud computing platform provided by Amazon. It provides a mix of infrastructure as a service (IaaS), platform as a service (PaaS) and packaged software as a service (SaaS) offerings. AWS is a fast-growing segment of Amazon's business, which saw sales increase 55 percent in 2016 and 43 percent in 2017. The division is in fierce competition with other tech giants' cloud computing arms, including Microsoft Azure, which showed an early interest in providing blockchain as a service when it partnered with the ethereum startup ConsenSys in 2015.

AWS Blockchain Templates provide a fast and easy way to create and deploy secure blockchain networks using open source frameworks. The blockchain is a technology that makes it possible to build applications where multiple parties can record transactions without the need for a trusted, central authority to ensure that transactions are verified and secure. Blockchain enables this by establishing a peer-to-peer network where each participant in the network has access to a shared ledger where the transactions are recorded. These transactions are by design, immutable and independently verifiable.

Jeff Barr, the Chief Evangelist for AWS said: “We are launching AWS Blockchain Templates today. These templates will let you launch an Ethereum (either public or private) or Hyperledger Fabric (private) network in a matter of minutes and with just a few clicks. The templates create and configure all of the AWS resources needed to get you going in a robust and scalable fashion.”

Types Of AWS Blockchain Templates

The two options of AWS Blockchain Template are:

AWS Blockchain Template For Ethereum:

Ethereum is an open-source blockchain framework from the Ethereum Foundation that enables you to write blockchain applications that run exactly as programmed without downtime, censorship, fraud, or third-party interference. You should consider using Ethereum if you would like to transact with peers on the public Ethereum network, want to build a new public network, or want to use Ethereum’s Solidity smart contract language.

AWS Blockchain Template For Hyperledger Fabric:

Hyperledger Fabric is an open-source blockchain framework from the Linux Foundation that enables you to write blockchain applications and offers access control and permissions for data on the blockchain. You should consider using Hyperledger Fabric if you want to create a private blockchain network or want to limit the transactions that each party can see.

How Does Amazon Crypto Exchange Work?

The entire operation can be summarized in 4 steps:

  1. AWS Blockchain Templates: An open-source framework is deployed which can be used to build blockchain network with certified templates.
  2. Choose a platform: Users can quickly deploy their blockchain network on Amazon EC5 or on an Amazon EC2 instance.
  3. Build your network: Users can easily deploy and configure blockchain software to create a personalized decentralized network.
  4. Deploy decentralized application: Smart contracts can be written by the users and run them on the blockchain network to transact security.

Benefits Of AWS Blockchain Templates

  • Fast deployment: You can get started with blockchain in minutes. Quickly deploy your blockchain network on Amazon ECS or Amazon EC2 instances, and focus on building your applications.
  • Choice: Choose from two of the most popular frameworks, Ethereum and Hyperledger Fabric. Each framework offers distributed consensus algorithms, smart contract functionality, and access control features.
  • Management Tools: AWS Blockchain Templates include additional components to manage, monitor, and browse your blockchains.
  • Pay as you go: Pay only for the resources you use. Start-up and shut-down on-demand based on your application requirements. There is no additional charge for AWS Blockchain Templates. You pay only for the resources required to run your blockchain network.

Amazon Crypto Exchange Coming Soon Conclusion

Amazon is aware of the importance of blockchain technology and the empowering capabilities that products integrated with blockchain holds. Scott Mullins, AWS’s head of worldwide financial services business development announced, “Today in financial services, distributed ledger technology is at the forefront of any discussion related to innovation. AWS is working with financial institutions and blockchain providers to spur innovation and facilitate frictionless experimentation”.

Just in the fourth quarter of 2017, Amazon reported $5.1 billion in revenue from AWS. With projects like AWS Blockchain Templates in its pipeline, the number will certainly shoot up. We can expect many more blockchain related projects to be announced by Amazon with AWS instant blockchain just being the first.

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