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Amazon Could Start Using Ethereum For New Scalable Blockchain

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Ethereum (ETH) could be used by Amazon Web Services (AWS) if it decides to enter the blockchain space. AWS wants to launch a new tool that allows users to create and manage scalable blockchain networks via public-blockchains such as Ethereum. At the same time, it might be possible to use Hyperledger Fabric as well. The information was released by Amazon in a recently uploaded press release.

Amazon Could Embrace Ethereum

Customers that want to allow parties to execute transactions and keep a verifiable record of this transaction without the need for a trusted central authority they would be able to do it by spanning multiple AWS accounts in just a few clicks.

With blockchain technology, it will be possible for clients and customers in different economic sectors to reduce paperwork, execute contracts and also share data with an immutable record of these transactions. Additionally, they also do not have to trust a central authority. In general, customers tend to create blockchain networks through Hyperledger Fabric and Ethereum, nonetheless, it is time-consuming and difficult.

The new Amazon Managed Blockchain is a blockchain service that makes it easy and cost effective for customers to create secure and scalable blockchain networks to support a wide range of applications.

Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS, commented about this:

“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure and manage.”

He went on saying that the new platform will take care of the nodes, setting the network up, managing the certificates and the security and scaling the network. These are things that would be complicated for a single institution to perform but are possible to be simplified with the Amazon Managed Blockchain. That means that it will be possible for interested parties to have a functioning blockchain network set up quickly and easy to start developing apps rather than taking care of a network.

There are some companies using these services such as Nestlé and AT&T.

“With Amazon Managed Blockchain, we are able to set up our Hyperledger Fabric network and easily invite our partners to collaborate in our supply chain transparency efforts,” commented Armin Nehzat, Digital Technology Manager at Nestlé Oceania.

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