Retail giant Amazon’s cloud platform Amazon Web Services or AWS announced the general availability of Amazon Managed Blockchain, which it had launched in November last year. It had at that time launched two new blockchain services – Amazon Managed Blockchain and Quantum Ledger Database.
Amazon Managed Blockchain is available immediately in Eastern U.S. in Northern Virginia. The company plans to cover additional regions in the coming year.
Amazon Managed Blockchain is a fully managed blockchain service, which makes it easy to create and manage scalable blockchain networks cost effectively. The service currently supports two popular open source blockchain frameworks – Hyperledger Fabric and Ethereum. Hyperledger Fabric is supported at launch with Ethereum support coming later this year.
The new managed service allows the customer to set up and manage a scalable blockchain network. It eliminates the overheads required to create the network, and automatically scales to meet the demands of thousands of applications running millions of transactions.
The service helps customers quickly create blockchain networks that span multiple AWS accounts, enabling a group of members to execute transactions and share data without a central authority, with an immutable record of transactions.
The service takes care of provisioning nodes, setting up the blockchain network spanning multiple AWS accounts, configuring the software, managing certificates and security, and scaling the network. It eliminates the need for manually provisioning hardware, configuring software, and setting up networking and security components.
The new service is ideal for 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.
It can be used in businesses like finance, logistics, retail, and energy that need to perform transactions quickly across multiple entities.
AT&T, Nestlé, Accenture, Verizon, Phillips, GE Aviation, Liberty Mutual and Singapore Exchange Ltd. are among companies already using Amazon Managed Blockchain.