Category Archives: Amazon Managed Blockchain

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Amazon Managed Blockchain Goes Live

Amazon Managed Blockchain Goes Live

Amazon has just announced its new managed service enabling users to be able to create manage scalable blockchain networks.

The service called Amazon Managed Blockchain is currently available in North Virginia after the company announced the blockchain-as-a-service (BaaS) at its AWS re:Invent conference in November 2018.

Jeff Barr, chief evangelist at Amazon Web Services commented that the service can be used to create scalable blockchain networks that use the Hyperledger Fabric open source framework, with Ethereum in the works, adding:

“You can create your network in minutes. Once created, you can easily manage and maintain your blockchain network. You can manage certificates, invite new members, and scale out peer node capacity in order to process transactions more quickly.”

Michael Fauscette, chief research officer of G2 Crowd, a business-to-business software review site was impressed with the launch suggesting that the adoption of BaaS will be a worthwhile addition other to cloud services with some remarkable differences. The service also secures certificates for access control using AWS Key Management Service technology, eliminating the need for customers to set up their own secure certificate storage.

“The use case ideas are really exploding around blockchain in a way that will drive in a wave of adoption that will happen faster than others,” Fauscette said in an earlier interview.

However, the jury is still out on Amazon for many cryptocurrency users after the retail giant removed its payment options of both Bitcoin and Bitcoin Cash recently. Twitch had used a BitPay payment gateway for users who wished to pay for their subscriptions with BTC or BCH. The cryptocurrency payment option was first added in mid-2018 and initially included options for Ethereum and Litecoin.


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Blockchain Retail Value to Increase 29-Fold to $2.3 Billion in Next 5 Years


An analysis published on PRWeb shows that the retail value of blockchain is set to jump 29 times in the next five years, reaching an astounding USD 2.3 billion in 2023. The analysis comes from fintech executive Monica Eaton-Cardone, who used a market research report published by MarketsandMarkets in June.

Eaton-Cardone concentrated on five different types of applications of blockchain technology that made the bulk of industries the technology was being used in for her research. The applications she looked at were inventory management, authenticity verification, supply chain management, customer data and loyalty, and subscription model services.

She projected the immense growth from today’s USD 80 million to USD 2.3 billion by basing on the fact blockchain retail industry is growing at a compound rate of 96.4% annually.

Although a lot of challenges are still to be overcome, Eaton-Cardone noted that major industry players, such as IBM, Walmart, De Beers and Amazon, had started to use the technology to improve their systems and that their involvement shows that blockchain and other decentralized technologies will grow.

Walmart and IBM are the biggest players, with the partnership using blockchain for food traceability. Their system allows tracing of a food produce down to the farm it was grown on in mere seconds. Compared to that, the current system employed takes weeks and still has accuracy issues. Amazon has also just launched two products that are powered by blockchain technology, called Amazon Managed Blockchain and Amazon Quantum Ledger Database.

Eaton-Cardone is Chief Information Officer and co-founder of Global Risk Technologies, a fintech firm that concentrates on risk reduction in the payment industry at large. She also works as the Chief Operating Officer at a chargeback redemption company called Chargebacks911.


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