Amazon Takes Giant Step into Cryptocurrency Tech with Blockchain Products

Tech giant Amazon says it will release blockchain frameworks, a major step into the technology used to back cryptocurrencies such as Bitcoin.

Amazon Web Services (AWS), the e-commerce’s cloud computing arm, put forward two of its blockchain frameworks this week.

One framework is for Ethereum, while the other framework is for Hyperledger Fabric.

These frameworks will allow users to build and manage their own Blockchain-powered decentralized applications.

These applications are commonly referred to as DApps.

AWS announced back in 2016 that it would start working with blockchain startups.

The web services division of the online retail giant will offer dedicated technical support and infrastructure to all the firms involved.

“Today in financial services, distributed ledger technology is at the forefront of any discussion related to innovation,” the company said in a statement. 

“AWS is working with financial institutions and blockchain providers to spur innovation and facilitate frictionless experimentation.”

In a blog post, AWS chief Jeff Barr wrote that the newly available “templates” will allow clients to “launch an Ethereum, either public or private, or Hyperledger Fabric, private, network in a matter of minutes and with just a few clicks.”

The templates create and configure all of the AWS resources needed to get you going in a robust and scalable fashion,” he wrote.

AWS is the fastest growing segment of Amazon’s business. Amazon saw its web services sales increase 55% in 2016, and 43% in 2017.

However, Amazon is not the only tech company with a cloud computing division. Microsoft’s Azure has similarly shown an interest in providing blockchain as a service.

Microsoft Azure partnered with the Ethereum startup ConsenSys in 2015. Google is also working on a blockchain solution for its cloud business.

HyperLedger and Ethereum

Users will be able to create their own Blockchain applications via the AWS Cloud Formation Templates tool. This is to to avoid the time-consuming manual setup of a blockchain network.

The Linux Foundation’s Hyperledger Blockchain was founded in 2015. The tech firm released its first production Blockchain code, Fabric 1.0, in July 2017.

Hyperledger DLT products have become used across the board. They are commonly used by companies looking to incorporate Blockchain solutions within their platforms.

The Ethereum network was launched in 2014 by Vitalik Buterin. It has become one of the most popular Blockchain bases for building DApps among developers.

NASA has even revealed it is developing an autonomous spacecraft based upon Ethereum Blockchain technology.

Chile’s national energy commission has also announced the launch of an Ethereum Blockchain record system. The record system will provide the nation’s energy sector with security, accuracy, transparency, and accessibility to their data.