Amazon Releases Two Blockchain Products at re:Invent 2018
Amazon, the e-commerce giant, has announced in their annual conference that they have two new tech products and they implement and use the blockchain. The two products that Amazon has launched are called; Quantum Ledger Database and the Amazon Managed Blockchain.
This announcement was made on Wednesday at their annual conference re:Invent in Las Vegas, by none other than the AWS CEO Andy Jassy. The two products are said to help run and integrate with platforms like Ethereum and Hyperledger, by helping the two scale their blockchains into being able to give them real-world applications.
The Amazon Managed Blockchain will allow other people to use it to create their own network on the blockchain. Along with blockchain services, Amazon is also going to offer and provide a database, which is their second product; the Quantum Ledger Database. The Quantum Ledger Database is essentially the database that the Amazon supported blockchain will run on. It is an immutable ledger that records data and runs in parallel to the Amazon Managed Blockchain.
Both products are first to be offered to the developers using the Amazon cloud computing services and are reportedly ready to use.
The idea behind launching these two blockchain products is to cut down the extravagant costs of building a network on the blockchain. It essentially cuts cost over-heads and allows companies and businesses to create their own blockchain network in a plug and play fashion.
Two of the main focuses for the two Amazon blockchain products is to increase the scalability and flexibility of the blockchain technology. Both being aspects that the technology lags behind. The cryptocurrency market is the only large-scale successful implementation of the blockchain technology and even that is beginning to fray because of the increasing volume and traffic.
Amazon’s announcement comes at a time when all the cryptocurrencies in the market are plunging post a market crash. The king of the cryptocurrency market; Bitcoin too has lost more than half of its value. But this announcement once again separates the fate of the cryptocurrency market and the application of the blockchain technology. This announcement that Amazon made at re:Invent, Las Vegas, reiterates that the blockchain is cutting-edge tech and it could very well be the future.
It is going to be interesting to see how another large name in the tech industry involves itself with the 21st Century’s most disruptive technology and how the technology itself moulds and shifts to fit growing demands and needs.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.