Amazon Managed Blockchain

Featured image: courtesy of AWS

Courtesy of AWS

Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain networks using the popular open source frameworks Hyperledger Fabric and Ethereum*.

Source AWS

How does this service help?

Amazon Blockchain gives the possibility to create applications where transactions can be executed by multiple parties with no need for a ‘trusted, central authority.’ This is very useful as it is very complex to build a Blockchain scalable network by using the existing technologies and really hard to manage it. That is because, according to AWS, ‘each network party needs to manually provision hardware, install software, create and manage certificates for access control, and configure networking components.’ However, things get a little more complicated once the network is ready and running there is a need to ‘continuously monitor the infrastructure and adapt to changes, such as an increase in transaction requests, or new members joining or leaving the network.’

According to AWS

Amazon Managed Blockchain is a fully managed service that allows you to set up and manage a scalable blockchain network with just a few clicks. Amazon Managed Blockchain eliminates the overhead required to create the network, and automatically scales to meet the demands of thousands of applications running millions of transactions. Once your network is up and running, Managed Blockchain makes it easy to manage and maintain your blockchain network. It manages your certificates and lets you easily invite new members to join the network.

Source AWS

How it works

Courtesy of AWS

Benefits

  • Some of the benefits of the Amazon Managed Blockchain are firstly that the service is fully managed eliminating the need for any hardware or software provision and configuration. Similarly, there is no need to setup any networking and security components. Likewise, Managed Blockchain monitors the network and automatically replaces poorly performing nodes.
  • Secondly, there is a Choice of Hyperledger Fabric or Ethereum. Hyperledger Fabric is more appropriate for ‘applications that require stringent privacy and permission controls with a known set of members,’ such as in financial applications ‘where certain trade-related data is only shared with select banks.’ Ethereum ideal for highly distributed blockchain networks where transparency of data for all members is important, for example, a customer loyalty blockchain network that allows any retailer in the network to independently verify a user’s activity across all members to redeem benefits.
  • Thirdly, Amazon Managed Blockchain is Scalable and Secure. New peer nodes can be added easily using Managed Blockchain’s APIs while there is a selection of instance types with different combinations of CPU and memory available for anyone to choose according to their need for resources. Moreover, Managed Blockchain secures network’s certificates with AWS Key Management Service (KMS) technology, eliminating the need for users to set up their own secure key storage.
  • Finally, Amazon Managed Blockchain provides guarantees Reliability. ‘Managed Blockchain’s ordering service is built using Amazon QLDB technology and has an immutable change log that accurately maintains the complete history of all transactions in the blockchain network, ensuring that you durably save this data.’

For more information with respect to Amazon Managed Blockchain please click here.

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