|Dec 03, 2018 01:52 PM||By: Jinia Shawdagor | 2245 Views|
Amazon, after researching the viability of implementing blockchain technology in their company earlier this year, they are now announcing the release of new blockchain products.
Last week Amazon announced that it has introduced two new services within their company via Amazon Web Services (AWS). These services consist of a managed blockchain and the Amazon Quantum Ledger Database (QLDB).
According to Amazon via a press release, the Amazon Managed Blockchain is powered by the Ethereum network and Hyperledger Fabric. Their goal with the blockchain is to create a fully managed service that makes it easy to create and manage scalable blockchain network. The product will automatically scale to meet the demands of its users as well as eliminating the overhead required to create the network.
The Amazon Quantum Ledger Database is launched making it possible to sift through network activity and retrieve valuable information from it. The CEO behind the launch of the two new products under AWS, Andy Jassy, explains that they are responding to demand from existing customers. Common customer use cases include mortgages, healthcare records, supply chain tracking and vehicle history records.
With the market at its lowest point in more than a year, Amazon shows that the most important companies are still investing in the market. Companies like Amazon are placing their bets on the future of crypto and blockchain technology, regardless of where the market stands.