AWS has announced Quantum Ledger Database (QLDB) and Amazon Managed Blockchain offerings.
Different Service for Different Need
The first service, named Quantum Ledger Database (QLDB), is a transparent, immutable, and cryptographically verifiable ledger designed for functions like supply chain, finance, manufacturing, insurance, and HR that need a central, trusted authority.
The second offering is called Amazon Managed Blockchain, and it enables customers to create and manage networks using the Ethereum or Hyperledger blockchains. Both services will help companies execute business transactions that require an audit trail.
This offering is suited for those use cases which require a centralized, immutable ledger that records the transactions. Examples of such use cases include tracking an item through its supply-chain or tracking credits and debits in banking transactions.
The ledger is owned by a single entity in the organization and can be shared with any number of organizations or stakeholders that are working together.
QLDB eliminates the need for customers to build complex audit functionality into a relational database or rely on a public blockchain ledger. It uses an immutable transactional log called journal, which tracks each application data change and maintains a complete and verifiable history of changes over time.
Shawn Bice, Vice President, Nonrelational Databases at AWS, said:
Earlier this year, when we started talking to customers about what they needed from a blockchain solution, we realized that the Amazon QLDB’s ledger technology met a lot of their requirements. They wanted a centrally-owned ledger that provided an immutable way to log the transactions history of their applications and was transparent to all the parties with whom they were interacting. So, today we’re offering an immutable, transparent, and cryptographically verifiable ledger, based on the same one that AWS teams have been using for years at scale, as a fully managed service.
Some customers need the immutability and verifiable capability of a ledger and multiple stakeholders to transact without the need for a trusted central entity. For customers to commission infrastructure for permissioned blockchain requires not only time but also resources.
Amazon Managed Blockchain is a blockchain-as-a-service that is cost effective and easy to set up. The solution can scale up to handle millions of transactions.
The service leverages and provides two options for customers to choose from – Ethereum and Hyperledger fabric. For a permissioned network, AWS secures and manages blockchain network certificates with AWS Key Management Service. This removes the need for customers to set up their own secure key storage.
Rahul Pathak, General Manager, Amazon Blockchain at AWS, says:
Many of our customers want to build applications where multiple parties can execute transactions without a central, trusted authority, and they also need to create a blockchain network. Building a scalable blockchain network with existing technologies is just too hard today, and that’s why customers pay expensive consultants to help them.
Amazon Managed Blockchain eliminates the muck involved in setting up a network, adding and removing members, and scaling to meet application demands. Customers can use either Ethereum or Hyperledger Fabric, the two most popular blockchain frameworks, and get a functioning blockchain network set up with just a few clicks.
For organizations that intend to pilot blockchain technology within their enterprise, opting for a cloud-based blockchain service provides a cost-effective and straightforward way to do so. With the custom options from AWS, enterprises can choose the option that best fits their specific need.
Do you think there is a demand for cloud-based blockchain services? Let us know in the comments below.
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