There has been much speculation regarding Amazon\u2019s stance towards the blockchain and Distributed Ledger Technology (DLT) in general, and the multinational retail company has recently announced two services that utilize distributed ledgers and blockchain technology. Amazon\u2019s receptiveness to using the blockchain is being met with positivity by most cryptocurrency enthusiasts as it paves the way for future blockchain integration by the retail giant, and may help the sector move closer to mass adoption. \u00a0\u00a0\u00a0<\/p>\n
Amazon Quantum Ledger Database and AWS The retail Amazon identifies Healthdirect Smaato is a leading Amazon also expects Furthermore, AWS CEO Andy Is an Amazon Digital Currency Next? <\/strong><\/p>\n Amazon\u2019s
\nManaged Blockchain<\/strong><\/p>\n
\ngiant has officially announced the Amazon
\nQuantum Ledger Database (QLDB), its fully managed ledger database that provides
\na transaction log owned by a central trusted authority. The service utilizes cryptography
\nin order to ensure that the log is a transparent, immutable, and highly verifiable,
\nand QLDB uses the SHA-256 cryptographic hash function. Amazon state that QLDB tracks every
\napplication data change and works to maintain a comprehensive and verifiable record
\nof changes over time. However, the retailer has also stated that the service
\ncurrently only provides an append-only, immutable journal that keeps track of all
\nchanges. <\/p>\n
\ntransparency, scalability, speed, and ease of use as key features of QLDB and also
\nhighlights that the database can execute two to three times more transactions compared
\nto current blockchain offerings. The majority of prevailing blockchain systems
\nuse decentralized networks that require a significant number of network members
\nto reach consensus on the validity of the transaction. QLDB has a centralized
\ndesign, which allows it to swiftly execute transactions without the need for
\nmulti-party consensus.<\/p>\n
\nAustralia and Smaato have been confirmed as customers and Bruce Haefele, the General
\nManager at Healthdirect Australia, a national, government-owned, not-for-profit
\norganization has stated \u201cHealthdirect Australia operates in a heavily regulated
\nindustry, and it is critical that our compliance data is correct and auditable.
\nWith Amazon QLDB we look forward to having a complete and verifiable history of
\nevery change in our system, making it simple to audit when and how we arrived
\nat our current state\u201d.<\/p>\n
\nonline ad exchange and CEO, Ragnar Kruse has outlined the benefits of using the
\nservice, stating \u201cAll participants in the online advertising and real time bidding
\nmarket segments are interested in transparency throughout the entire lifecycle
\nof an online ad auction, from the initial auction, to the winning bid, and
\nultimately through to the final impression delivery and who it\u2019s actually shown
\nto\u201d. <\/p>\n
\nthe service to be adopted by operators in Finance, Manufacturing, Insurance,
\nRetail, Supply Chain, and HR and Payroll. In addition to QLDB, the retail giant
\nhas also launched the AWS
\nManaged Blockchain, and the blockchain service supports both Ethereum and
\nHyperledger Fabric and aims to make it easy for enterprises to create and
\nmanage scalable blockchain networks using the two popular open source
\nframeworks. <\/p>\n
\nthe Amazon Managed Blockchain can replicate an immutable copy of a company\u2019s blockchain
\nnetwork activity into the Amazon Quantum Ledger Database (QLDB), thus allowing
\nusers to easily analyze various aspects of network activity and keep track of
\nemerging trends. The service is also slated to scale to thousands of
\napplications and to allow users to run millions of transactions. It can also be
\nused to manage certificates, invite new members to join the network and track metrics
\nsuch as usage of memory and storage resources. Users can navigate the AWS
\nConsole to configure nodes, add members, or to deploy applications.<\/p>\n
\nJassy recently stated \u201cThis service is going to make it
\nmuch easier for you to use the two most popular blockchain frameworks. When we
\nheard people saying \u2018blockchain,\u2019 we felt like there was their weird
\nconvoluting and conflating what they really wanted, and as we spent time
\nworking with customers and figuring out the jobs they were really trying to
\nsolve, this is what we think people are trying to do with blockchain\u201d. <\/p>\n
\nmove to integrate blockchain technology into its core operations has led some
\nin the space to speculation that the company may be edging closer to incorporating
\ncryptocurrency payments. This idea began to gain traction when it was revealed
\nthat the company purchased three cryptocurrency domains last year. Amazon acquired AmazonEthereum.com,
\nAmazonCryptocurrency.com, and AmazonCryptocurrencies.com in 2017, sparking
\nrumours that crypto adoption was imminent, and currently, Bitcoin holders are
\nforced to use an intermediary site like purse.io in order to use their crypto
\nholdings to make purchases on Amazon. <\/p>\n