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The multinational retailer Amazon was one of the pioneers in the adoption of blockchain technology. The e-commerce giant has announced two new services (Amazon Quantum Ledger Database and AWS) based on blockchains and distributed registries. The massive use of this future technology is also proving useful for other companies in the adoption of distributed accounting technology.
The latest Amazon Quantum Ledger Database (QLDB) is facilitating Amazon as a reliable central authority that is fully managed by the Ledger database. This service uses cryptography to ensure that the registry is transparent, unalterable and certifiable. However, company officials have revealed that at the moment this service can only provide an unrecoverable diary only in the appendix that is keeping track of all records in the database.
Amazon Managed Blockchain is also able to replicate an immutable copy of the blockchain network of Amazon's business within the Amazon Quantum Ledger database (QLDB). The use of blockchain technology also facilitates the analysis of the shifting of market trends and the identification of suspicious activities. In addition to this, it can also be used to invite new members for membership, management of certificates, archives and the use of tracking memory as mentioned by Inside Bitcoin.
The retail giant is even planning to integrate this form of ledger into its main operations that could also shift to incorporation cryptocurrency payments. Rumors emerged when Amazon began pulling three cryptocurrency domains (AmazonEthereum.com, AmazonCryptocurrency.com and AmazonCryptocurrencies.com) in 2018.
Amazon Web Services and Corporate Blockchain
According to CoinDesk, Amazon Web Services, the cloud computing department of the e-commerce giant will allow its customers to create their own cloud-based blockchains. It can be done with the help of using Ethereum or Hyperledger Fabric.
The presence of blockchain technology has become ubiquitous in almost all sectors, with continuous progress also in other sectors.
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Summary
Item name
Blockchain technology maintains data verification, Amazon records
Description
The retail giant Amazon began to use blockchain technology by launching two new services that will help improve its operations.
Author
Neha Bakshi
Publisher name
OWLT market
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