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Also like the winter crypt persists, the giant of online retail Amazon remains absolutely unperturbed. In fact, the company sees significant untapped potential in blockchain technology. On Wednesday, he announced that he was about to launch two new services, including a blockchain-based service.
According to the press release, the blockchain-based service will allow Amazon customers to create a scalable blockchain network. To do so, Amazon Web Services customers will only need to click on some tabs. As a result, they meet the demands of many apps that execute millions of transactions.
Information on the blockchain technology
The simplest way to describe blockchain technology is that it is a software protocol based on cryptocurrencies like Bitcoin and Ethereum. While supporters continue to compare their potential with that of the Internet, the hype has practically surpassed reality.
Also called DLT (distributed ledger technology), blockchain technology has some use cases in addition to cryptocurrencies. However, these applications that are commercially viable products remain insignificant. To add insult to injury, cryptocurrency prices have plummeted with Bitcoin, which has lost around 70% of its value this year. According to the Cowen financial services company, it will take more than half a decade for cryptocurrency to get widespread adoption.
Amazon and blockchain technology
Amazon has emphasized that it will support two blockchain platforms, Ethereum and Hyperledger Fabric. The popular Ethereum is unique to allow developers to create apps on its blockchain platform with access to Ether gases and smart contracts. As for Hyperledger Fabric, many corporate giants such as the IBM computer manufacturer are already building projects on it.
Andy Jassy, CEO of AWS, explains why the retail giant is venturing into the blockchain business. Speaking to the King: Wednesday's Invent Conference, Jassy noted that on Amazon "we do not build things for optics". He explained that the world's largest online retailer invests only in projects that they understand, adding that blockchain technology "is something many companies need."
As to why Amazon is launching in the blockchain space, Jassy has emphasized that AWS is doing it in an attempt to respond to customer requests. The AWS CEO has listed some customer use cases. These cases include supply chain monitoring, mortgages, vehicle history and medical records.
Other companies follow the example
In addition to Amazon, other online retailers are taking advantage of the blockchain's capabilities to improve their services. In truth, you will probably live on the planet Mars if you did not know that Walmart uses the technology at the forefront to improve their services. The online retailer noted that it requires its lettuce providers to upload data on its origin for effective monitoring of the supply chain.
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