Taking a simple, user-friendly approach, Amazon Web Services (AWS) hopes to onboard the first billion blockchain users, which will set the stage for the establishment of a broad array of products and services on the secure platform.
Jeff Bezos’ e-commerce giant Amazon’s cloud computing arm said it provides tools for creating immutable, cryptographically-verifiable ledger databases, or multi-party, fully managed blockchain networks that eliminate third parties as intermediaries.
“Keep in mind that we are the early adopters and are therefore well familiar with the technical details. However, the experience has improved, and an increasing number of individuals are making the effort to learn about and invest in blockchain,” Emile Baizel, senior blockchain architect at Amazon Web Services, stated Tuesday during the Fantom Developer Conference in Abu Dhabi.
No way but up
According to Markets and Markets research, the worldwide blockchain industry is expected to grow to almost $40 billion by 2025, up from $3 billion in 2020, at a compound annual growth rate of 67.3%.
This sector’s growth would be fueled by increased demand for simplified business processes and supply chain management apps connected with blockchain technology, it stated.
Baizel noted that the blockchain sector has gone a long way since the “dark days of 2017,” with the level of user interface and experience greatly increasing. Currently, users must complete multiple processes and having a simplified and well-defined approach will make it easier for them to enter the blockchain game, he explained.
Easy access
“There is far too much information for the user to absorb. There are too many steps and too much possibility for error. Each of these processes may result in the user’s loss of assets,” he continued.
In 2017, people could only complete the processes on a PC, but today wallets and
applications with rich user experiences are accessible, Baizel said.
Baizel cited the expansion of Ethereum – the world’s second-largest cryptocurrency with a market capitalization of more than $495 billion – which more than doubled in size from October 2017 to October 2021, reaching around 175 million addresses.
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