Amazon Web Services Launches Managed Blockchain
Blockchain has quickly become the most disruptive technology in the world.
The higher processing speeds, data protection, and the decentralized nature of the ecosystem is already transforming multi-billion-dollar industries, including agriculture, food tracking, real estate, finance, e-commerce and retail, and even medicine.
“Its impact at retail will have a major impact on making it much easier and faster for consumer transactions both on and off-line,” says Retail Dive. “The decentralized aspect of blockchain technology will also usher in new types of customer loyalty programs than can be utilized across a global marketplace.”
It’s reducing transaction costs by removing intermediaries, increasing transaction speeds, transactional transparency and trust, and ensuring data quality and accuracy. No wonder governments and corporations have only begun to shift toward blockchain which allows them to operate without friction and to operate much more smoothly.
In recent weeks, Amazon Web Services (AWS) launched its Managed Blockchain service for wider use among its enterprise clients. AT&T, Nestle, and Accenture are reportedly some of the companies that are already using the blockchain technology.
“You can use it to create scalable blockchain networks that use the Hyperledger Fabric open source framework, with Ethereum in the works,” said Jeff Barr, per an Amazon Web Services blog. “You can create your network in minutes. Once created, you can easily manage and maintain your blockchain network. You can manage certificates, invite new members, and scale out peer node capacity in order to process transactions more quickly.”
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The Importance of Blockchain Technology
In plain English, it’s a database.
Here, data can be backed up on potentially thousands of computers all over the world.
Information here is also heavily encrypted. Even if hackers compromise information on a single server, there are thousands of other copies around the globe. What’s interesting is that all copies of the database must agree with all other servers that any changes to data were legitimate. If even one server cannot confirm changes are legitimate, changes are rejected immediately.
That may oversimplify it, but you see the benefits it offers.
According to Evening Standard:
“Any data put into the blockchain must be verified. Transactions are grouped together in blocks, hence the name blockchain, then verified by the computers (nodes) in the network. When a computer joins the network as a node, they receive a copy of the blockchain, which acts as proof of all the transactions that have been performed. This means that all data stored on the network is transparent; it is public by default. This also means that all the data in the blockchain network cannot be corrupted or deleted. However, this doesn’t mean you can see who is doing the transaction. For instance, with bitcoin, the public can see that someone is sending an amount to someone else but there is no information linking the transaction to anyone. This is because the public keys linking the transaction are kept anonymous.”
What it allows you to do is produce a dependable ledger without record-keepers. It also eliminates the dangers that come with data being kept in a central location. Not only does it foster trust, it replaces third-party intermediaries with all blockchain participants certifying the transactions taking place.
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