Blockchain technology continues to hit mainstream grounds when Amazon announced the launch of its “Amazon Managed Blockchain”. The service is fully managed by amazon themselves and allows users to create and manage scalable blockchain networks using popular open-source frameworks of the Hyperledger Fabric and Ethereum blockchains.
Amazon enters the blockchain space as they aim to bridge the gap for users looking to create their own network and difficulties that come with it. Traditional blockchain networks are reported to be extremely difficult to set up as you require vast amounts of hardware, custom software and certificates for access control. Once the network is running, you require nodes running simultaneously to process and confirm all block transactions as well as continuous monitoring of the network to adapt to any changes that may arise, such as a large increase in transactions or new members joining.
The Amazon Managed Blockchain is a service that allows any user to simply create their own blockchain network using Amazon’s Service. This new service eliminates all overheads for the creator as they do not need to purchase any physical hardware themselves and is fully scalable should the user see a large influx of transactions or new users. The service is currently exclusively running on the Hyperledger Fabric Blockchain with the Ethereum blockchain looking to be added soon.
“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure, and manage,” said Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS. “Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”
Amazon believes one of its advantages over traditional blockchain technology, is that you can extract blockchain network data without custom development required. The analytics are provided through the Amazon Quantum Ledger Database which gives the customers the ability to gain advanced insight into key trends, such as who is transacting and what is the rate of their transactions.
The Amazon Managed Blockchain is available immediately in the US East with further regions to be expanded into in the coming months.
Sources: amazon.com, itprotoday.com, aboutamazon.com