Published: Mon, April 23, 2018
Business | By Kate Woods

All About Amazon's New Blockchain Service

All About Amazon's New Blockchain Service

The new service from AWS was launched late last week under the name AWS Blockchain Templates, and will now allow AWS to directly compete against similar offerings from Oracle Corp (ORCL) and International Business Machines Corp (IBM).

But the availability of these templates and tools comes at a time when many customers aren't ready to apply blockchain efficiently.

Amazon Web Services is the world's largest cloud computing service which is owned by Amazon.

Blockchain is a complicated, hard-to-define technology with a lot of potential use cases, which are now easier to experiment with on the Amazon Web Services Inc.

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AWS Blockchain Templates deploy the blockchain framework you choose as containers on an Amazon Elastic Container Service (ECS) cluster, or directly on an EC2 instance running Docker.

By simplifying the process for creating and deploying such blockchain networks, AWS could help its users more readily take advantage of blockchain technologies, focusing more of their time and attention in the apps and services they want to build on top of it.

Blockchain works differently for transactions.

The firm added: "Blockchain enables this by establishing a peer-to-peer network where each participant in the network has access to a shared ledger where the transactions are recorded". Thanks to the immutability nature of the blockchain technology, it makes it possible to build an application where more than one person can record transaction without the need for a central regulatory body.

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The templates make available public or private Ethereum networks and private Hyperledger networks, according to Jeff Barr, chief evangelist for AWS.

"Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference", its site says.

Created by the Linux Foundation, Hyperledger Fabric is another widely-used blockchain framework.

Amazon's Blockchain Templates create and configure the AWS resources needed to start with a scalable blockchain approach. But it's wise to remember that, as a distributed ledger system, blockchain isn't suitable for many types of application, despite the claims made for it.

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