As the cryptocurrency market continues to experience a dramatic deterioration, blockchain technology still continues to attract many individuals as well as enterprises. Amazon Inc. added another feather in its hat by setting up a scalable blockchain network that “automatically scales to meet the demands of thousands of applications running millions of transactions.”
Andy Jassy, CEO of Amazon Web Services asserted that the initiative is a response to rising demand from existing customers. He added, “We don’t build things for optics. This is something that a lot of companies need.”
In a press release, Amazon announced the release of two new services based on blockchain— Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain.
QLDB is a ledger database designed to provide transparent, immutable, and cryptographically verifiable transaction log, which is overseen by a central trusted authority. Each data change is recorded on the blockchain. QLDB tracks each and every application data change and simultaneously maintains a complete and verifiable history of changes over time using an immutable transactional log, known as a journal.
The product is user-friendly with a familiar SQL-like API, a flexible document data model, and full support for transactions. Moreover, users only need to pay for what they use. Amazon also claimed that the database could execute two to three times more transactions as compared to its existing products.
On this, Jassy said, “It will be really scalable, you’ll have a much more flexible and robust set of APIs for you to make any kind of changes or adjustments to the ledger database.”
The other product launched by Amazon is the Managed Blockchain which can operate with QLDB, and thereby, allows users to set up and manage a scalable blockchain network easily. The product automatically scales to satisfy the demands of specific applications. It manages users’ certificates and helps maintain users’ blockchain network. It is also capable of tracking operational metrics such as usage of a computer, memory, and storage resources.
Additionally, Managed Blockchain can replicate an immutable copy of users’ blockchain network activity into QLDB, thereby helping users to analyze the activity both outside and inside the network.
Amazon already leverages Ethereum on its cloud network. In May, Amazon entered into a partnership with Kaleido to enable users to put their services on blockchain with ease.