Amazon Embraces Blockchain Despite The Dip on Crypto-Market

Amazon Embraces Blockchain Despite The Dip on Crypto-Market

Even as crypto-market plunged from nearly $830 billion in January to $121.5 billion this week, the leading e-commerce company sees an opportunity in the blockchain, the technology which underlies all cryptos. 

Amazon Doesn’t Give Up on DLT

On November 28, Amazon said it is presenting two novel services, among which there is managed DLT offering. This unaltered ledger development will help Amazon Web Services (AWS) customers establish a DLT net in a simple way. Most importantly, it solves the scalability problem, thus, it will meet the demands of thousands of applications with millions of transactions.

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According to estimates, it will take blockchain six years to gain the scaling-up, but Amazon is already moving in that direction. The company’s novel product will support two popular DLT platforms. In particular — Ethereum as well as Hyperledger Fabric. If Ethereum is known as an open-source platform for devs related to ETH (third-most valuable crypto-coin), Hyperledger is what corporate titans like IBM apply to develop their projects on.

The top exec of AWS — Andy Jassy — said this week that their company does not spend money when they do not comprehend the issue. Therefore, the fact that they invested in blockchain means it indeed can solve the problem, and it is what many companies «need». 

He also added that Amazon is simply responding to the expectations of current clients. The CEO highlighted that blockchain can be applied for running records related to health-care, supply chain, mortgages and vehicle history as these are the most popular demands from customers. 

Besides this managed DLT product, AWS notified about its Quantum Ledger Database which will help users pattern a copy of their unaltered ledger activity.

Image Source: Flickr

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