The CEO of Amazon Web Services (AWS), Andy Jassy has unveiled two new blockchain services at the re:Invent conference held in Las Vegas on Wednesday.
November 29, 2018 | AtoZ Markets - As part of a number of product launches announced at the re:Invent conference, Tech giant, Amazon announced it is now introducing two new blockchain products: Quantum Ledger Database (QLDB), and Amazon Managed Blockchain.
These blockchain services will help clients develop blockchain networks without having to deal with the high costs of creating their personal platform.
AWS Managed Blockchain, as the name implies, is a managed blockchain service and it provides supports for Ethereum and Hyperledger Fabric. However, AtoZMarkets has learned that this will be launched in a few months from now. In describing the new QLDB offering, AWS CEO said:
“It will be really scalable, you’ll have a much more flexible and robust set of APIs for you to make any kind of changes or adjustments to the ledger database.”
How Amazon Blockchain (QLDB) Works
On the QLDB website, Amazon shared an infographic seen below, explaining how the new database works in more depth.
"Amazon QLDB is a new class of database that eliminates the need to engage in the complex development effort of building your own ledger-like applications. With QLDB, your data’s change history is immutable – it cannot be altered or deleted – and using cryptography, you can easily verify that there have been no unintended modifications to your application’s data."
"QLDB uses an immutable transactional log, known as a journal, that tracks each application data change and maintains a complete and verifiable history of changes over time. QLDB is easy to use because it provides developers with a familiar SQL-like API, a flexible document data model, and full support for transactions."
"QLDB is also serverless, so it automatically scales to support the demands of your application. There are no servers to manage and no read or write limits to configure. With QLDB, you only pay for what you use."
Two Reasons Why Organizations Adopt Blockchain
It is noteworthy, that back in 2017, the company dismissed the idea of launching its own blockchain service. The CEO explained the reason for this:
“We genuinely didn’t understand what the real customer need is; the culture inside AWS is we don’t build things for optics, we only spend the resources to build things when we really understand the problem.”
Jassy further explained that in the final part of 2017 and the first half of 2018, AWS spent time talking with hundreds of its customers about what they really wanted when they say they liked the idea of blockchain with the aim of trying to comprehend why these customers could not solve these problems using a database.
The CEO also stated that there were two main reasons why organizations were interested in using blockchain, and both were slightly different. The first reason he gave was that there were customers that wanted a ledger with a centralized trusted entity who had struggled to use existing blockchain frameworks because they couldn't scale well.
The second reason according to Jassy was because customers had to deal “with a lot of muck”. He stated the current ledgers did not perform as well as they could having been built for use cases where there was a need for consensus from various parties.
Ethereum Co-Founder Distressed About Misapplication of Blockchain
Earlier, AtoZMarket reported that the co-founder of Ethereum, Vitalik Buterin has stated in an interview with business news outlet Quartz, that blockchain is not applicable in every industry as the misapplication of the technology in some industries leads to “a lot of wasted time.” Buterin added:
“Sometimes it is for marketing hype. Sometimes it is just people who are genuinely excited about blockchains and want the thing they are personally excited about and their job to align more with each other, which is a totally legitimate, human thing to want to do.”
However, Buterin highlighted what blockchains might be good for—that is, beyond cryptocurrency.
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