The multinational retail company Amazon has been one of the pioneers in the adoption of blockchain technology. The e-commerce giant has announced two new services (Amazon Quantum Ledger Database and AWS) based on blockchain and distributed ledgers. The massive usage of this future technology is proving helpful for other companies also in the adoption Distributed Ledger Technology.
The latest Amazon Quantum Ledger Database (QLDB) is facilitating Amazon as a central trusted authority which is a completely managed by ledger database. This service makes use of cryptography in order to make sure that the log is a transparent, unalterable, and certifiable. However, the company officials revealed that as of now this service can only provide an append-only irretrievable journal which is maintaining the track of all records in the database.
The Amazon Managed Blockchain is even capable of replicating an unchangeable copy of the blockchain network Amazon activity within the Amazon Quantum Ledger Database (QLDB). The usage of blockchain technology also facilitates analyzing the shift in the trends of the market as well as identifying suspicious activities. In addition to this, it can also be used for the invitation of new members for joining, managing certificates, storages and tracking memory usage as mentioned by Inside Bitcoins.
The retail giant is even planning to integrate this ledger form into its core operations which might move towards the incorporation cryptocurrency payments as well. The rumors came out when Amazon began to the traction of three cryptocurrency domains (AmazonEthereum.com, AmazonCryptocurrency.com, and AmazonCryptocurrencies.com) in 2018.
Amazon Web Services And Enterprise Blockchain
According to CoinDesk, Amazon Web Services, the e-commerce giant’s cloud computing department is going to let their clients create their own cloud-based blockchains. It can be done with the help of using Ethereum or Hyperledger Fabric.
The presence of blockchain technology has become omnipresent in almost all sectors with continuous advancement in other sectors also.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]