Amazon announces Amazon Managed Blockchain
Amazon announces Amazon Managed Blockchain
Amazon Web Services Inc., an Amazon.com company (NASDAQ: AMZN), announced the general availability of Amazon Managed Blockchain, a fully managed service that makes it easy to create and manage scalable blockchain networks. Customers who want to allow multiple parties to execute transactions and maintain a cryptographically verifiable record of them without the need for a trusted, central authority can quickly setup a blockchain network spanning multiple AWS accounts with a few clicks in the AWS Management Console. Amazon Managed Blockchain scales to support thousands of applications and millions of transactions using popular open source frameworks like Hyperledger Fabric and Ethereum.
For customers in businesses like finance, logistics, retail, and energy that need to perform transactions quickly across multiple entities, blockchain gives them the ability to execute contracts and share data, with an immutable record of the transactions, but without the need for a trusted, central authority. Customers typically create blockchain networks using frameworks like Hyperledger Fabric and Ethereum, but setting up the networks using these frameworks is difficult and time consuming.
Each member of a blockchain network has to provision hardware, install software, create and manage certificates for access control, and configure network settings. As usage of a blockchain application grows, there is a lot of work involved in scaling the network, including monitoring resources across all nodes, adding or removing hardware, and managing the availability of the entire network. This complexity is the reason many customers typically need the help of expensive consultants to make blockchain work. Amazon Managed Blockchain is a fully managed blockchain service that makes it easy and cost effective for customers to create and manage secure blockchain networks that can scale to support thousands of applications running millions of transactions.
Customers simply choose their preferred framework (Hyperledger Fabric is supported at launch with Ethereum support coming later this year), add network members, and configure the member nodes that process transaction requests. Amazon Managed Blockchain takes care of the rest, creating a blockchain network that can span multiple AWS accounts and configuring the software, security, and network settings.
“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure, and manage,” said Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS. “Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”
Customers using Amazon Managed Blockchain include AT&T, Nestle, Singapore Exchange, Accenture and others. According to Andy Daudelin, Vice President, Alliances at AT&T Business, " AT&T Business offers a range of edge-to-edge technologies including mobility, cybersecurity, networking, voice and collaboration, cloud and IoT solutions and services to match their customers’ technology needs. “Blockchain is far more than just Bitcoin or cryptocurrency. It’s changing the way companies do business and giving us a new way to solve complex business problems. Amazon Web Services customers can integrate their blockchain solution with AT&T Business’s IoT and edge-to-edge portfolio. This allows them to automate data collection to improve their ability to manage complex supply chain processes, monitor environmental conditions, improve security, gain real-time insights, and so much more.”
“Transparency in supply chains is increasingly important to consumers, who want to know what is in their food and where it comes from. While Nestlé has begun to release information on its supply chains for its 15 key commodities, using blockchain technology enables a more precise tracking,” said Armin Nehzat, Digital Technology Manager, Nestlé Oceania. “With Amazon Managed Blockchain, we are able to set up our Hyperledger Fabric network and easily invite our partners to collaborate in our supply chain transparency efforts. Amazon Managed Blockchain will enable our customers to track their products on the blockchain from the farm all the way through to consumption.”