The blockchain, the technology first inspired by Bitcoin, has proved to be too big to ignore. It has also proven to be far more valuable than the virtual coin it underpins.
Amazon is the latest addition to the growing list of companies that are embracing the blockchain. Yesterday, the online retail giant announced that it has launched two blockchain products: Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain.
As one of the world’s largest corporations, and one that is renowned for being quick to adopt new technologies, Amazon has been watched carefully for cryptocurrency and blockchain adoption. In fact, of all the online companies, it has perhaps seen the most speculation about its potential foray into the blockchain ecosystem.
Last year, there were several rumors of Amazon Web Services (AWS) transitioning to the blockchain. However, the CEO of AWS Andy Jassy rubbished rumors that Amazon was planning to jump on the blockchain bandwagon. He emphasized that the blockchain technology has limited use cases beyond distributed ledgers. He argued there were other alternatives solutions to the problems which the blockchain can address.
However, it seems Amazon no longer perceive the blockchain as it used to in the past. As aforementioned, the online retail giant recently announced the launch of its blockchain-based products.
Amazon’s blockchain product will support HyperLedger Fabric and Ethereum platforms. Corporate giants such as IBM are presently building decentralized applications on HyperLedger. Ethereum, on the other hand, is an open-source dApp building platform for developers. And, Amazon already utilizes Ethereum platform on its cloud network.
For the uninitiated, blockchain is a decentralized public ledger of every transaction that has taken place. It can neither be changed nor tampered with retrospectively. The first major application of the technology was Bitcoin, which is the brainchild of an anonymous person or a group of people called ‘Satoshi Nakamoto.’