Blockchain is becoming more widespread as the modern era progresses. Blockchain swoops in as a saint to provide visibility and transparency among corporations lacking trust and value while executing transactions. There are several blockchain frameworks and protocols out there that can help companies establish trust and join public networks to make easy transactions.
There are hundreds of blockchains out there, but that doesn’t mean they’re not easy to create. To create a blockchain network, each participant must manually provide hardware, install software, and create access certificates to ensure who can or cannot access the blockchain. It’s quite a hectic procedure that can be made easy using Amazon Managed Blockchain (AMB). You heard right, Amazon Web Services (AWS) began its journey through the blockchain world in 2018.
Amazon created its blockchain framework based on the popular blockchains Hyperledger Fabric and Ethereum. Most people recognize Amazon as the site where e-commerce ensues, people think of it as no more than a trading market for consumers and suppliers, and they’re not wrong. Amazon is the world’s largest online retailer, but it is also a cloud services provider.
If you’re not much into technology, you might not know that AWS was created as Amazon’s cloud platform. Millions of people, including start-ups, corporations, government agencies, etc., use AWS to reduce costs and become more agile. It has taken up blockchain technology as well to expand the horizons.
What are the cloud services provided by AWS?
Amazon Web Services offer a wide variety of cloud-based services that can make day-to-day life easier for businesses and corporations. These services help start-ups grow faster and become innovative as they bring their business into the light of the world. Businesses worldwide, like DTCC, Guardian Life Insurance, Nestlé, etc., have given their input on AWS cloud services based on blockchain.
Cloud services are platforms and softwares created by third-party providers and made available to users through the internet. Amazon is widely known for offering all the essential cloud services to organizations that can benefit from them, such as:
- Computer
- Storage
- Databases
- Analytics
- Networking
- IoT
- Security
There are many more services that AWS provides, the last of which is blockchain network simplification. Amazon has surely recognized the uprising of blockchain in the business world. Still, it is not quite the easiest thing to understand for average business people who aren’t particularly tech-savvy. Amazon Managed Blockchain was created to eliminate the provisions required to create a private blockchain network or join a public network.
What are the motives for Amazon Managed Blockchain?
Amazon Web Services strive for user security while using cloud services and to create a safe environment to make transactions without a central authority. AMB utilizes smart contracts and comprises two major authorities, the parties involved in the transaction and the overseer of the transaction. The overseer is a virtual third party who ensures the terms of the smart contract are fulfilled.
Amazon Managed Blockchain is there to ensure all of these things go smoothly and that creating a network or joining a network does not have any repercussions. In some simple ways, AMB can help with the following:
- Management: Managed Blockchain allows you to quickly create blockchain networks that span multiple AWS accounts and enable parties to execute transactions and share data without a central authority. It eliminates the provisions one would have to take to create a full-fledged network and manages all the aspects on its own.
- Reliability: As AMB works with Hyplerledger Fabric, it helps improve the reliability of the ‘ordering service,’ a component in the framework that ensures the delivery of transactions across the blockchain network.
- Security: Managed Blockchain secures your network certificates with AWS Key Management Services to eliminate the need for setting up your secure key storage.
How has Amazon Managed Blockchain helped corporations?
With the widespread use of Amazon’s very own blockchain, many corporations have built their bases on the blockchain to improve visibility and ensure safe transactions. Some notable companies that have benefitted from AMB are:
- Blockchain and Finance: DTCC is a notable company on which the financial industry relies to provide risk-free, transparent, and evolutionary solutions. Using Amazon Managed Blockchain has increased the availability of blockchain for the finance industry.
- Blockchain and Insurance: Even the insurance company, Guardian Life Insurance, has benefitted from AMB. Managed Blockchain has allowed transparency to flourish in the insurance industry because it takes care of all the underlying blockchain infrastructure.
- Blockchain and Production: Nestlé consumers have expressed worries about what products go into their food and drink. Thanks to AMB, Nestlé has provided complete transparency to their customers on tracking their products from the farm to the shelves.
Conclusion
The blockchain enterprise is vastly growing, and Amazon Managed Blockchain is paving the path for blockchain integration in all aspects, from consumer services to finance to insurance. Amazon Managed Blockchain has helped many people and will continue to spread the blockchain industry to every corner of the world.