By
Benjamin Njiri
April 23rd, 2024
Amazon is making its entry into the blockchain space, via a new tool available through its AWS (Amazon Web Service) to “create and manage scalable blockchain networks” via open-blockchain networks like Ethereum.
Amazon‘s cloud computing arm, Amazon Web Services (AWS), launched its Managed Blockchain service for wider use among enterprise clients.
The service is aiming particularly to customers who want to “allow multiple parties to execute transactions and maintain a cryptographically verifiable record of them without the need for a trusted, central authority.”
The customers can quickly setup a blockchain network spanning multiple AWS accounts with a few clicks in the AWS Management Console. Amazon Managed Blockchain scales to support thousands of applications and millions of transactions using popular open source frameworks.
From AWS they said that they are aware that their clients are usually creating blockchain networks using frameworks like Hyperledger Fabric and Ethereum. However, setting up the networks using these frameworks can be difficult and time-consuming because each member has to provision hardware, install software, create and manage certificates for access control, and configure network settings.
Amazon Managed Blockchain is a fully managed blockchain service that makes it easy and cost effective for customers to create and manage secure blockchain networks that can scale to support thousands of applications running millions of transactions.
Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS said:
“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure, and manage.
Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”
AT&T, Nestle, Accenture Already Using the Service
Armin Nehzat, Digital Technology Manager, Nestlé Oceania said that with Amazon Managed Blockchain, the company will be able to set up their Hyperledger Fabric network and easily invite their partners to collaborate in our supply chain transparency efforts.
“Amazon Managed Blockchain will enable our customers to track their products on the blockchain from the farm all the way through to consumption.”
Prasad Sankaran, Senior Managing Director of Accenture’s Intelligent Cloud & Infrastructure business group said:
“Blockchain’s unique characteristics are helping to reinvent complex supply chains, improve business processes, and expand the reach and veracity of our digital identities. As the technology continues to take hold, services such as Amazon Managed Blockchain can drive both cost saving and revenue generating opportunities.”
Bullish Momentum for AMZN Stock
In the past 30 days, Amazon’s stock has increased from $1,500 to $1,926 year-to-date, surging by more than 28.4%. The strong momentum of AMZN led a key technical indicator called the short-term 50-day moving average to surpass a long-term 200-day moving average, flashing the bullish momentum for the stock called “golden cross.”
The growth of Amazon in the first quarter of 2019 was primarily triggered by the unexpectedly strong growth rate of Amazon Web Services (AWS), the cloud computing division of the firm.
The revenue of AWS surged by 41% to $7.7 billion, pushing the operating income of the division to $2.2 billion.
For more than ten years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud computing platform. Today, customers like Apple spend over $30 million a month on the business units services.