Amazon Web Services (AWS), the digital arm of Amazon, has released new blockchain products. The decision to launch these services arrives at the lowest point of the virtual currency market in more than a year. The information was released by CNBC a few days ago.
Amazon Web Services’ New Blockchain Products
AWS continues to work with blockchain technology. The company announced the last week that it has introduced two new services that include a managed blockchain offering and the Amazon Quantum Ledger Database (QLDB).
According to a press release uploaded by the company, the Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain network. In order to do that, AWS used Hyperledger Fabric and the Ethereum network. The new product eliminates the overhead required to create the network. At the same time, it automatically scales in order to meet the demands of the users.
With the Amazon Quantum Ledger Database, it is possible to analyze the network activity and receive valuable information about it. Managed Blockchain is also able to replicate an immutable copy of the blockchain network activity into QLDB.
AWS CEO Andy Jassy said that the company spends funds in a specific product or service once they understand the problem. Additionally, he said that this is something that several companies need to understand.
Jassy explained that AWS is responding to demand from existing customers. Some of the most common customer use cases are mortgages, health-care records, supply chain tracking and vehicle history records.
The Managed Blockchain product seems to be the continuation of an earlier product introduced in April called AWS Blockchain Templates.
The decision that Amazon took to launch these products is very positive for the market. It shows that the most important companies are still investing in the market. However, Amazon is not the only company launching new products. Coinbase has recently launched an OTC desk to allow institutional and wealthy investors to enter the market in a regulated environment.
Companies are placing their bets on the future of cryptocurrencies and blockchain technology. At the time of writing, Bitcoin is being traded close to $4,200 and it has a market capitalization of $73.06 billion. November was a very hard month for virtual currencies, but it seems that December started in a positive way.