Bitcoin rallies as Amazon embraces blockchain

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Amazon Bitcoin

The two events aren’t necessarily linked, but the price of Bitcoin has jumped significantly as tech giant Amazon announced a major dive into the world of blockchain.

The company revealed at its re:Invent conference that it will launch ‘Amazon Managed Blockchain,’ which it describes as “a fully managed service that makes it easy to create and manage scalable blockchain networks.”

Amazon’s new product will use two existing blockchain platforms — Hyperledger Fabric and Ethereum.

“Blockchain makes it possible to build applications where multiple parties can execute transactions without the need for a trusted, central authority,” Amazon Web Services said.

“Today, building a scalable blockchain network with existing technologies is complex to set up and hard to manage.

“Amazon Managed Blockchain is a fully managed service that allows you to set up and manage a scalable blockchain network with just a few clicks.”

The company claims its service eliminates the overhead required to create the network, and automatically scales to meet the demands of thousands of applications running millions of transactions.

“Once your network is up and running, Managed Blockchain makes it easy to manage and maintain your blockchain network.

“It manages your certificates, lets you easily invite new members to join the network, and tracks operational metrics such as usage of compute, memory, and storage resources.”

According to CNBC, AWS CEO Andy Jassy said the company doesn’t “build things for optics,” and that “this is something that a lot of companies need.” M