News Amazon Announces Pair Of Blockchain Services

Amazon Announces Pair Of Blockchain Services

-

- Advertisment -

November 29, 2018 11:52 PM

Amazon Quantum Ledger Database and Amazon Managed Blockchain may attract users, but the notion of a managed blockchain will strike some as a contradiction in terms.

Yesterday, online retail giant Amazon.com announced the development of two new blockchain services in a bid to offer customers a seemingly better way to store data and cut the cost of developing individual enterprise blockchain platforms.

The Amazon Quantum Ledger Database

Announced Wednesday, the Amazon Quantum Ledger Database (QLDB) is meant to provide customers with a “transparent, immutable, and cryptographically verifiable ledger.” Amazon says customers will be able to use this ledger to develop applications that will provide them a way to accurately record transactions made by multiple parties within a “centralized, trusted entity” using an unchangeable transaction log. For example, Smaato, an online advertisement exchange, will use QLDB to create and maintain a record of all its auctions and create transparency from start to finish.

According to the press release, QLDB is “serverless,” which eliminates the need for customers to “provision capacity or configure read and write limits.” Amazon states that all customers need to do is to create a ledger and define their tables – QLDB “will automatically scale to support application demands.”

Additionally, Amazon claims that by not requiring distributed consensus, QLDB is able to process more transactions faster than many blockchain platforms and will be compatible with the Amazon Managed Blockchain.

The Amazon Managed Blockchain

With the Amazon Managed Blockchain, the retail giant hopes to entice business owners looking to implement blockchain technology but who don’t want to take on the challenge and cost of building their own blockchain platform.

According to the press release, all customers have to do is pick their preferred infrastructure –the Amazon Managed Blockchain supports both the Ethereum platform and Hyperledger Fabric – add network participants, and configure the member nodes responsible for processing transactions. After that, it says:

“Amazon Managed Blockchain takes care of the rest, creating a blockchain network that can span multiple [Amazon Web Services] AWS accounts with multiple nodes per member, and configuring software, security, and network settings. For a permissioned network, Amazon Managed Blockchain secures and manages blockchain network certificates with AWS Key Management Service, eliminating the need for customers to set up their own secure key storage.”

Additionally, Amazon claims the new blockchain platform allows customers to easily replicate transactions from the blockchain and put them on the QLDB.

What Is Amazon Going to Do with All This Data?

One of the main ideas behind blockchain technology is giving individuals true ownership and mastery of their data. This is not only true for private citizens, but for companies as well. This data is not supposed to be owned or managed by a “centralized, trusted authority,” i.e., Amazon. A managed blockchain, then, may strike some as a contradiction in terms.

The online retailer uses the data provided freely by customers to market different products and services to individuals, and according to the Amazon Privacy Notice, it does share customer data with affiliated businesses not directly controlled by Amazon, third-party service providers, and businesses offering certain promotional offers.

ETHNews reached out to Amazon with questions about how Amazon will treat the data stored on the new platforms and whether said data might be used for marketing or financial gain. However, Amazon has yet to respond to our questions.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Amazon, blockchain or other Ethereum technology news.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...
- Advertisement -Amazon Announces Pair Of Blockchain Services

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -Amazon Announces Pair Of Blockchain ServicesAmazon Announces Pair Of Blockchain Services

You might also likeRELATED
Recommended to you