Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
This collaboration will help Ethereum to eliminate some technical difficulties like node setup, node syncing and many other things. The Amazon Managed Blockchain will actively handle a lot of tasks by itself.
On Tuesday, March 2, Amazon Web Services (AWS) announced support for the world’s second-largest blockchain Ethereum on the Amazon Managed Blockchain. Citing a reason behind this move, Amazon.com Inc (NASDAQ: AMZN) notes Ethereum’s decentralized functioning and also its growing use-case in decentralized finance (DeFi).
Interestingly, the latest decision comes two years after hinting for the first time back in 2018. Ethereum is not the first one to get support on the Amazon Blockchain network. The Amazon Managed Blockchain also supports permissioned blockchain network Hyperledger Fabric built for enterprise applications.
Amazon states that as customers build Ethereum-based applications, it becomes complicated and difficult for them to operate and manage the Ethereum infrastructure. Issues of data reliability usually arise due to node crashes, out-of-sync nodes, and other data storage scaling challenges.
The official blog announcement notes:
“With this launch, AWS customers can easily provision Ethereum nodes in minutes and connect to the public Ethereum main network and test networks such as Rinkeby and Ropsten. With Amazon Managed Blockchain, customers get secure networking, encryption at rest and transport, secure access to the network via standard open-source Ethereum APIs, fast and reliable syncs to the Ethereum blockchain, and durable elastic storage for ledger data”.
Benefits for Ethereum and Others of Using Amazon Managed Blockchain
Amazon Managed Blockchain is a fully public service allowing users to join a public network. Besides it also lets users manage scalable private networks through open-source frameworks. It also eliminates additional technical overheads required to create a network or join a public network.
More importantly, AMB can automatically scale by accommodating the demands of thousands of applications running millions of transactions. The announcement states:
“Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of customers’ Ethereum infrastructure. In addition to DeFi applications, customers building analytical products such as smart contract monitoring tools and fraud detection software can also benefit from this scalable, highly available, and fully managed Ethereum service on Amazon Managed Blockchain”.
Such developments are really healthy for the growth of the global blockchain industry. Active participation from big-tech giants will further help to fuel blockchain developments as well as adoption.