Leading Retailer Sees Opportunity in Blockchain

Amazon introduced two new blockchain technology for its AWS customers. It will offer Quantum Ledger Database and Amazon Managed Blockchain for developers using its cloud-computing services.

Prices of cryptocurrencies might be getting a beating, but Amazon, the largest online retailer in the world, still sees plenty of opportunity with blockchain technology.

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On Wednesday, the company said it’s introducing two new blockchain product offering, to let Amazon Web Services customers set up “a scalable blockchain network with just a few clicks” that “automatically scales to meet the demands of thousands of applications running millions of transactions.” The services are called Amazon Managed Blockchain (AMB) and Quantum Ledger Database (QLDB).

Amazon Believes There’s Real Potential Beyond the Hype

The blockchain is the technology that underpins cryptocurrencies like bitcoin. Even with many new use cases of the technology coming up, many still feel it’s not leaving up to the hype — most of these use case have just been marketing gimmicks, they say.

Recently, Vitalik Buterin, the co-founder of Ethereum, stated that cryptocurrencies and international payments are still the most valuable implementation of the blockchain technology. Meanwhile, a Cowen research estimates it will take almost six years for blockchain to gain widespread adoption.

Amazon’s new blockchain products will support Ethereum and Hyperledger Fabric. Ethereum is a popular platform that facilitated the majority of Initial Coin Offering in the crypto market. It linked to the cryptocurrency ether. Corporate giants like Huawei and IBM are currently building projects on Hyperledger.

On the Amazon Quantum Ledger Database or QLDB, customers can replicate a copy of their blockchain network activity. It is not a blockchain platform, but to use in conjunction with Amazon’s blockchain product to “maintain a complete and verifiable history of data changes.”

“We don’t build things for optics,” Andy Jassy said on Wednesday: Invent conference in Las Vegas. He said they only spend resources on a project when they “understand the problem”. He continues, “this is something that a lot of companies need.”

Blockchain-as-a-service gaining ground

Huawei also recently launched its Blockchain Cloud Services. The company says the service is to help “global enterprises and developers create, deploy, and manage blockchain applications quickly and at minimal cost on Huawei Cloud.”

Jassy said that AWS is reacting well to demand from existing customers. He pointed to mortgages, supply chain tracking, health-care records and vehicle history records as common customer use cases.

Amazon already uses the Ethereum blockchain on its cloud network. In May, they revealed a partnership of Amazon and Kaleido. Basically, to make it easier for customers to put their services on the blockchain.

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Akeredolu Feranmi

Akeredolu is a guest author at coinpedia. He explores and writes about crypto coins, the latest updates, and more.

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