Amazon Web Services will partner with Digital Currency Group (DCG) on a platform that will allow companies to experiment with blockchain technology, according to Forbes .
Blockchain providers in DCG’s portfolio will be able to work in a secure environment with financial institutions, enterprise technology companies and insurance companies.
A blockchain can make financial services more efficient and more economical. The technology could potentially shrink the financial services industry as the software handles functions that middlemen currently execute. AWS Active In Blockchain
Scott Mullins, AWS head of worldwide financial services business development, said distributed ledger technology leads any current discussion on innovation. AWS is partnering with financial institutions and blockchain companies to boost innovation and support frictionless experimentation.
DCG will provide a laboratory environment for blockchain technology and enterprise experimentation on AWS, he noted.
DCG’s portfolio includes more than 70 blockchain and bitcoin companies in more than 20 countries. Financial institutions such as Western Union, New York Life, MasterCard and Canadian Bank of Commerce have invested in DCG, as have the venture arms of Foxconn, Transamerica, Prudential, CME Group and other venture capital firms. DCG’s Active Blockchain Role
DCG’s startups include Chain, which received an investment from Visa, Fiserv, Citi, Capital One and Nasdaq. Chain released its Chain Open Standard on Monday, which is a protocol for privately, rapidly and securely processing as much as tens of thousands of blockchain network transactions.
Chain developed the standard in conjunction with First Data, Capital One, Fidelity, UFJ Financial Group, State Street and Mitsubishi.DCG has also invested in RSK Labs, which reportedly is partnering with banks in Brazil and Argentina as well as the World Bank.DCG enterprise customers Blockstream, Onename, BigchainDB and Everledger are already using AWS for blockchain experiments.Meltem Demirors, DCG’s director of community, said one of the company’s fundamental beliefs is that the venture […]
