AWS Announces New Managed Blockchain Service For Businesses to Set Up Blockchain Networks

Amazon Web Services (AWS) has recently launched a new product that would allow organizations to set up blockchain networks. AWS is the cloud computing platform subsidiary of Amazon. The firm has also made it's Amazon Managed Blockchain (AMB) available. The information was released by the company in a recent announcement on April 30.

AWS Launches New Product For Organizations

This new product launched by AWS will allow companies to set up blockchain networks in their organizations. In order to work, the platform uses Ethereum (ETH) and Hyperledger open source frameworks. Amazon explains hat AMB is able to scale up to millions of transactions, compared to other networks that have scaling issues.

This blockchain-as-a-service (BaaS) will help businesses to develop their networks. There are several firms that are starting to develop blockchain solutions and implementing distributed ledger technology (DLT) in their organization. This would make processes faster, more efficient, cheaper and it will be eliminating the need to “provision hardware, install software” and more.

Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS, commented:

“Amazon Managed Blockchain takes care of provision nodes, setting up the network, managing certificates and security, and scaling the network.”

The statement released by the company informed that there are companies such as the U.S. communications AT&T and the global Nestlé that are already implementing the AMB solution for their processes and procedures.

AMB was launched back in November side by side with the Amazon Quantum ledger Database (QLDB) that wants to provide a secure and cryptographically verifiable log of transactions.

There are many services regarding blockchain technology offered by different networks. Nonetheless, AWS is one of the most recognized services providers in the industry.

JP Morgan Chase and other banks have already been working with blockchain technology in order to improve their services and platforms. One of these permissioned platforms is Quorum, developed by JP Morgan Chase and that will include a private virtual currency called JPM Coin to process transactions among customers of the company.