Amazon Web Service, an arm of Amazon Inc. announced on April 30 that the Amazon Managed Blockchain is now available for public use.
The Amazon Managed Blockchain is an entirely organized service which allows customers to design and command scalable blockchain platforms easily. The platform has several benefits such as reliability, scalability, security, and the choice between Hyperledger fabric and Ethereum
Amazon Managed Blockchain Is Now Available
AWS, the web service arm of retail giant Amazon announced that the Amazon Managed Blockchain has been made available for public use. It is an extensively managed service designed to make it easier for customers to develop and oversee scalable blockchain networks.
According to the official announcement, the Amazon Managed Blockchain removes the expenses required to design a network, while also providing the scalability that would allow thousands of apps to carry out millions of transactions.
As soon as a network is deployed, AWS’s product makes it simple for users to organize and maintain their blockchain systems. It manages a user’s certificate and enables them to invite others to join their blockchain network.
AWS added that the Managed Blockchain scales automatically to handle thousands of applications using popular open source platforms like Ethereum and Hyperledger Fabric.
The company listed some benefits of its Managed Blockchain. Contrary to self-hosting blockchain systems, AWS’s product eliminates the need for users to manually provide hardware, configure their software, set up a network and other security measures.
Secondly, developers have the opportunity to choose between Hyperledger Fabric and Ethereum. While Hyperledger is perfect for apps that require strict privacy and permission with a certain number of members, Ethereum is designed for blockchain networks that are highly distributed, with attention paid to the transparency of data amongst users.
AWS pointed out that the Amazon Managed Blockchain offers scalability and excellent security to developers. Thus, customers don’t have to worry about transaction speed and the safety of the network.
Managed Blockchain Has Several Use Cases
Amazon Web Services revealed that its Amazon Managed Blockchain platform has three primary use cases.
Firstly, it can be used for trading and the transfer of assets. With this product, trading and financial consortiums have the opportunity to develop a blockchain system that would allow participants to carry out transactions and undertake trade-related paperwork electronically without any central authority controlling the network. Transactions on the Amazon Managed Blockchain happen instantly, unlike the long periods recorded by other trade-related paperwork processes.
Retailers can use the Amazon Managed Blockchain to develop a blockchain platform that would enable them to share and approve customer reward information transparently and quickly. This can be done without having a central entity managing everything.
The Amazon Managed Blockchain allows small businesses that depend on distributed supply chain systems to track their products in real-time at every stage of the production and supply chain. The blockchain network will contain all members of the supply chain, and product information will be recorded in real-time, ensuring that every process is transparent.
AT&T, Verizon, and Nestle Join the Project
AWS revealed that the project already has partners and customers including big companies like Nestle, Verizon, AT&T, SGX, Accenture, Philips, and a few others. The Amazon Managed Blockchain is already available for the general public and developers can sign up to start using it as soon as possible.