Amazon Managed Blockchain – Scalable Blockchain Networks Guide
Amazon has been providing many different types of services over the past several years. The company that started out selling books online a couple of decades ago has come a long way in the intervening years, and they are at the forefront of many different types of technology that are in use today. One of their latest innovations is Amazon Managed Blockchain. Let’s take a closer look at what this can do and the types of benefits it could offer.
What Is Amazon Managed Blockchain?
This is a service that is fully managed and that makes it fast and easy to create and control scalable blockchain networks through the use of the open source frameworks Hyperledger Fabric and Ethereum. When using blockchain, it becomes possible to create applications that allow for a large number of people to make transactions without the need to have what is considered a trusted central authority. This can be a complex and difficult process in many cases, but that is no longer the case when you are using Amazon Managed Blockchain.
The company has strived to make getting started as easy as possible, just like all of the other services they provide. In fact, it should not take more than a few clicks to start setting up a scalable blockchain network that will be easy to manage through Amazon.
Why Consider This Option?
One of the best reasons to consider Amazon Managed Blockchain is certainly the reliability that it can offer. It is built using Amazon QLDB technology with an immutable changelog that will contain a complete history of transactions in the network. It has the reputation of Amazon behind it, as well.
When self-hosting, you would need to have your own hardware, configure your own software, and set up your network and security elements. Because this is a part of Amazon, all of those features are a part of the managed aspects of the tool. It becomes easy to find and manage members, it can allow network participants to vote to add or remove members, it can monitor the network, replace notes that are performing poorly automatically, and more.
In addition, there are two different frameworks supported by Amazon Managed Blockchain, as mentioned. This includes Hyperledger Fabric, which can be a good option for those who need to have a lot of privacy. Ethereum is the second option, which can work well when there needs to be more data transparency for all of the members. Having a choice on which to use, and still be able to get all of the other benefits that Amazon Managed Blockchain offers help to make it a solid option to consider.
One of the other huge benefits that is sure to be helpful is the ability to easily scale the blockchain network that you have started. You will often notice that your usage of applications goes up over time and that this means you will need to eventually have a greater capacity. Fortunately, it is easy for network members to add new peer nodes when they are needed. You can scale your network as needed. In addition, the network certificates will feature AWS Key Management Service technology, which is meant to provide more security for your keys.
Where Could It Be Used?
Many different types of companies might want to utilize Amazon Managed Blockchain. It is a good solution for those who are importers, exporters, shipping companies, banks, and customs departments, for example. However, it can also provide some great benefits to retailers as a way to process reward transactions, and it could even be used as a part of the supply chain. There are many uses already, and the future will likely find even other ways that blockchain can be helpful.