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AWS launches a managed blockchain service

Amazon.com has now been jumped into the Blockchain wave with the launching of new cloud services which will help customers to build the technology needed to record the transactions.

Amazon Web Services CEO, Andy Jassy yesterday announced the Amazon Managed Blockchain, which is a new service underpinning the blockchain networks that record millions of transactions in it. The company spent the past year studying the needs of the customers who all are interested in the blockchain solutions before creating the new product, Jassy revealed in a blog post.

The service can be used to manage the peer to peer payments, process loans and help businesses to make transactions with the suppliers and distributors.

Amazon managed blockchain supports the two popular open source blockchain networks – Hyperledger Fabric and Ethereum.

“This service is going to make it much easier for customers to use the two most popular blockchain frameworks,” AWS CEO Andy Jassy told a packed house during his keynote address at ReInvent 2018 conference here on Wednesday.

Amazon QLDB is a cryptographically and transparent verifiable ledger for an application which need a trusted, central authority to provide a complete and permanent record of the business like the financial, manufacturing, HR, insurance and supply chain.

Customer looking to implement blockchain technologies are typically trying to accomplish any of the two things.

“Many of our customers want to build applications where multiple parties can execute transactions without a central, trusted authority, and they also need to create a blockchain network.

“Building a scalable blockchain network with existing technologies is just too hard today, and that’s why customers pay expensive consultants to help them,” said Rahul Pathak, General Manager, Amazon Blockchain at AWS.

“Customers can use either Ethereum or Hyperledger Fabric, the two most popular blockchain frameworks, and get a functioning blockchain network set up with just a few clicks,” Pathak added.

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