Bitcoin was a revolutionary new offering when it first released as it allowed users to take control of their money and eliminated the need for major middlemen such as banks and other financial institutions. This garnered a lot of attention and fans but, over time, more offers came out that made cryptocurrency more centralized, splitting the community into the centralized/decentralized debate.
Fortunately enough, the retail giant Amazon realizes the potential needs of all its customers and developed various offerings that would allow those on each side of the debate to reap the benefits of the products.
Amazon Web Services (AWS), which handled the development of the solutions, discovered that some customers did want there to be an immutable and verifiable record of all transactions or changes that have taken place on a platform but don’t mind having a centralized blockchain in place so that it can happen. For these types of customers, they developed the Amazon Quantum Ledger Database to provide them with a ledger they can access but one that is ultimately controlled by a single company.
For the other customers who wanted access to a ledger but who wanted things to be distributed rather than to be controlled by one player, AWS developed the Amazon Managed Blockchain. Both of these products were announced in a press release late last year and were recently released in April of this year and are currently available for viewing.
As a result of their efforts, their projects have managed to attract attention from some major companies. For example, AT&T and Nestle have both been studying the solutions as a means to increase their own transparency and traceability. Investment company Singapore Exchange has been studying the Amazon Managed Blockchain to help them improve the clearing times of their settlement and financial assets while Sony Music will be applying the technology to their music and digital rights management. You can even see customers such as Guardian Life Insurance and Legal & General, who plan to use the technology for payments and pension deals and annuities.
For those who are interested in the technology and what it entails, more information can be found on the AWS website.
Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.