Here’s What You Missed at BlockShow Asia 2019

Couldn’t make it to this year’s BlockShow Asia? Don’t worry. Cointelegraph has you covered with some key highlights of BlockShow Asia 2019 held Nov. 14-15 in Singapore.

Cointelegraph moderated the first crypto media gathering as BlockShow hosted well-known personalities from the cryptocurrency industry, such as Binance CEO Changpeng Zhao, also known as CZ, and Hyperledger Vice President APAC Julian Gordon.

One of the most memorable moments included CZ coming to the stage with well-known satire music artist Lil Bubble who later performed crypto-themed songs such as “All-Time Lows” and “Liquidated” live.

CZ: China’s digital currency will use blockchain

Zhao shared his perspectives on China’s central bank digital currency. He expects the system will be a blockchain-based version of the Renminbi that will help expand the currency’s economic influence:

“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”

APAC vice president of open-source blockchain development project Hyperledger Julian Gordon shared how the pro-blockchain sentiment of the Chinese government affected him. He said:

“Xi Jinping made that announcement 10 days ago. The reason I know that is because my phone is sitting on my desk — my WeChat started buzzing and hasn’t stopped since.”

Looking forward to blockchain’s future

Overall, the experts at the event seemed to agree that while Bitcoin is just cryptocurrency, blockchain is a new connectivity framework. The speakers also held a panel titled “Collaboration in a Decentralized Ecosystem: Why Government And Corporations Need It,” which illustrated how blockchain technology is being used by governments.

The participants explained that, besides Bitcoin, blockchain allows for ecosystem connectivity and information in a trustless, decentralized fashion. Vinay Mohan, Managing Director of ConsenSys Singapore, said:

“We are talking here about an intermediate technology that connects different ecosystems providing a new form of governance.”

During a panel focused on blockchain scalability, all the speakers agreed that people have to choose between scalability and decentralization. Co-founder of Litecoin Foundation Xinxi Wang said:

“At Litecoin, we always choose decentralization and security over scalability. Unfortunately, we can’t do both, but we try to find something in the middle.”

Da Hongfei, the founder of smart contract-supporting blockchain platform NEO, shared his views on the current state of the decentralized web during the event. The NEO founder highlighted the problems deriving from monopoly, centralization abuse and single points of failure, proposing decentralization as the solution, saying:

“These standards should be transparent and decentralized. Data ownership should be given back to the users.”

Worth noting, CZ first met Da Hongfei at a panel in Shanghai in 2014. Now, they again shared one stage for the first time in five years at BlockShow Asia 2019.

Meanwhile, Chief FinTech Officer at the Monetary Authority of Singapore Sopnendu Mohanty spoke about the importance of blockchain for the economy, highlighting its indispensability for the development of green finance.

According to him, blockchain can enable the monitoring, measuring and financing of what he refers to as “green assets.”

Perspectives on Bitcoin and altcoins

Talking about altcoins, VeChain founder Sunny Lu suggested that token value is mostly arbitrary. He said:

“99% of a [token’s value] is linked to speculation, and not to the value that solution can bring to society. This causes many startups to waste a lot of time producing and ‘selling’ the token, failing to develop solutions for where they were initially focused.”

Meanwhile, CEO and co-founder at Distributed Lab and author of “Blockchain and Decentralized Systems,” Dr. Pavel Kravchenko, shared his view that Bitcoin adoption by institutions may actually result in BTC price crashing. He said:

“Bitcoin is censorship resistant money, the first in the world. I don’t believe in institutional adoption. If this happens, Bitcoin will become not censorship-resistant. Then it won’t have this feature anymore and will crash to zero.”

On the other hand, during a panel titled “Unlocking Yield In Cryptocurrency Assets — Encouraging Institutions To Enter The Industry,” a number of crypto leaders shared their thoughts on how to make emerging fintech accessible to mainstream financial entities.

Head of Business Development Asia for Cumberland Justin Chow, in the end, said what he believes is needed to onboard institutional players:

“Custody, liquidity, and regulations are the top three petitions from institutional investors jumping into crypto.”

While those in the crypto space mostly welcome regulation, Quoine co-founder Mike Kayamori cautioned:

“Crypto is evolving, and the government can’t try to regulate things it still doesn’t understand. […] I am still in favor of crypto regulation, but [it] needs to be done very carefully.”

On Nov. 15, Blockstream CSO Samson Mow said that Tether (USDT) is clearly the preference among investors but will not see a retail use case during a panel called “The progress of stablecoins — if any? Can I use it yet?”

Still, he noted that while Tether’s first mover advantage gave it a great advantage over competitors, he expects national cryptocurrencies to make stablecoins obsolete. He also noted:

“Stablecoins are a mid-step toward hyperbitcoinization. They’re a temporary thing. The main threat they face is from the national cryptocurrencies. How open will those national cryptocurrencies be? […] Stablecoins will then have no reason to exist with a national cryptocurrency.”

Blockchain and AI

BlockShow also saw SingularityNet’s CEO Ben Goertzel give a presentation titled “Stimulating Massive Network Effects in Decentralized AI Networks.” He spoke about the merging of blockchain with AI:

“By definition, a blockchain is a distributed, decentralized, immutable ledger used to store encrypted data. On the other hand, AI is the engine or the ‘brain’ that will enable analytics and decision making from the data collected. But both AI and blockchain are in situations where they can benefit from each other, and help one another.”

Goertzel also announced a new partnership between SingularityNet and PayPal.

Finally, the show also hosted a startup competition called Crypto Busters with eight companies, after which the Board of Investors who judged the contest showed particular interest in six startups, namely Hacken, GamerHash, Chainstuck, Keyless, Beatdapp and Holdex.

BlockShow Asia 2019 was sponsored by dozens of cryptocurrency companies and entities, including NEO, Changelly, Bequant, Bluehelix, Crypto.com, Apay and NGC Ventures.

Related:

Bank of China Rolls out Blockchain to Streamline Insurance Claims

In line with China’s recent formal endorsement of the technology, one of the largest state-owned financial institutions has just launched its own blockchain. The new Bank of China platform aims to increase transparency and efficiency across the nation’s insurance industry

The insurance blockchain solution is the product of the bank’s insurance management IT department and partnerships with a number of leading insurance companies. The idea is to upload customers’ policy details to the ledger distributed amongst the network’s participants. Each participant can then access the details quickly as and when they need to as part of a claim process.

The platform, according to domestic news source Sina, is built using Hyperledger Fabric. This is somewhat surprising given the number of both private and public blockchain projects coming out of China. A recent Nasdaq report compiled evidence from multiple data sources to suggest the nation was already comfortably leading the globe in blockchain development even before the government endorsement.

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Bank of China and IBM

However, the Bank of China did recently do a deal with IBM. Given last month’s partnership to explore financial technology between the two, the choice to work with Hyperledger Fabric makes more sense.

It seems that the Bank of China has been preparing to onboard users to its insurance blockchain solution for some time already. The institution had reportedly accumulated more than four million policies by September.

Bank of China

Bank of China

Although Bank of China’s preparations for its new insurance blockchain initiative have likely been in the works for a while, we are expecting to see many more blockchains launched by other state-owned and private entities in China thanks to the government endorsement. For example, BeInCryptoreported on the recent partnership between Huawei and the People’s Bank of China (China’s central bank) to explore blockchain technology.

Clearly, the endorsement of blockchain technology is a huge boon for both local and international blockchain companies. How the news impacts the cryptocurrency market is an entirely different question, however.

Bitcoin’s Reaction

The Bitcoin price rose from around $7,500 to over $10,000 in a matter of hours following the announcement. Other projects, particularly those based in China, fared similarly. However, since the announcement, there have been some decidedly mixed messages from the government.

Bank of China

Bank of China

Amongst the few potentially exciting developments for cryptocurrency enthusiasts are blockchain learning materials published on by the Chinese government including references to Bitcoin and Ethereum. Meanwhile, the government also appears to be taking a softer stance towards the mining of cryptocurrency. BeInCrypto reported as such earlier today.

However, such developments have been accompanied by warnings on state-media against speculating on virtual currencies. This followed an earlier commentary published by The People’s Daily Newspaper, the official mouthpiece of the government. Whilst acknowledging the benefits of blockchain technology, it urged the public to stay rational when it came to crypto-assets.


Images courtesy of Shutterstock.


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How Russia’s largest bank used blockchain technology to buy debts

The blockchain scene in Russia is growing all the time, with bigger and bigger players making use of the technology. Sberbank, the largest Russian bank, has successfully used blockchain technology to close a $15 million transaction with Trafigura, the third-largest physical commodities trading group worldwide.

Sberbank bought accounts receivable in a pilot transaction supported by the Hyperledger Fabric platform. The bank’s first deputy chairman Alexander Vedyakhin revealed the news during the Eastern Economic Forum in Vladivostok, Russia. The technical details were made public soon after the announcement.

Russian blockchain initiatives appear to be thriving thanks to an increased interest in the technology by most of the country’s large organisations as well as government agencies. However, the Russian government continues to remain somewhat guarded when it comes to cryptocurrencies.

$15 million worth of accounts receivable

The details of the pilot transaction weren’t kept under wraps for too long. The Singapore-based giant Trafigura sold $15 million worth of accounts payable to Sberbank. The debt belongs to one of Trafigura’s clients from Turkey.

The transaction was concluded through the blockchain-based platform Hyperledger Fabric. Sberbank took advantage of Fabric’s ability to segment data and maintain the confidentiality of certain parts of the network.

On the surface, the transaction may seem like just another typical financial agreement. But this is a significant milestone for the blockchain industry. It shows how smart contracts and blockchain technology can speed up international transfers. It also provides proof that businesses can benefit from blockchain in real-life scenarios.

This particular Russian blockchain project developed by Sberbank is a system that uses the Aurelia framework and the Scala language to write smart contracts. The bank also piloted a system that enables the validation of new blocks of complete transactions in one second.

Sberbank also owns a cloud-based solution that complements the system, called SberCloud.

‘From one day to one hour’

The transaction between Sberbank and Trafigura was completed through a smart contract hard-coded onto the blockchain. This type of transaction shows how efficient blockchain technology can be for international trading.

Vedyakhin stated that the new initiative by Sberbank had increased the efficiency of document flows and completed the transaction in one hour instead of one day.

According to the chairman, the pilot transaction between Sberbank and Trafigura could even redefine global trade. He stated:

“Our blockchain pilot project records every step of the transaction: request for the purchase of receivables, application processing and its approval with the bank, issuing the bank’s offer, confirmation of terms by Trafigura, and settlement of the transaction.”

A Trafigura spokesperson confirmed that the transaction was completed without any friction. The two companies are now planning to collaborate and use blockchain technology for other use cases.

The Russian blockchain ecosystem

Russia’s largest bank placed a bet on blockchain, and the investment seems to be paying off. The Russia blockchain ecosystem proves that this technology is no longer something of the future, but a viable solution to today’s challenges.

Using smart contracts to buy debts isn’t the first time Sberbank’s team of developers has used the blockchain for global trading either. Last year, Hyperledger Fabric was used to complete an off-exchange repurchase agreement deal between Sberbank and Interros, a Russian investment company.

Russia’s largest bank has quite a history with blockchain technology, in fact. Last year, Sberbank claimed to be the first to complete a three-way repo deal using smart contracts and blockchain.

Besides speeding up transaction times, blockchain technology also reduces working hours for each transaction as well as the risks that come with international transfers. With all these advantages, Russia’s largest bank has decided to expand to other partners willing to use blockchain for transactions.

Russia is getting more interested in blockchain technology

Despite its unclear stance on cryptocurrencies, Russia isn’t missing a chance to dive into blockchain applications. From large businesses to government agencies, there are many stakeholders interested in blockchain technology and its disruptive features.

The Russian central bank, for instance, backs the Fintech Association, an organisation of which Sberbank is a member. The consortium functions on an Ethereum-based network and aims to study and implement distributed ledger technology to come up with practical solutions within the industry.

Sberbank was also part of the Russian project Masterchain, although it dropped out after the project failed to meet expectations. Sberbank’s lab has focused on its own projects instead, with significantly better results.

The post How Russia’s largest bank used blockchain technology to buy debts appeared first on Coin Rivet.

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Dagchain vs. Hyperledger | Comparison & Differences

Blockchain technology has been around since 2008. That’s when a pseudonymous individual or group called Satoshi Nakamoto published a paper announcing the new technology. Since then, cryptocurrencies based on blockchain technologies, like Bitcoin and Litecoin, have proliferated widely.

So many cryptocurrencies have sprung up over the past decade that the whole subject can feel overwhelming. In this article, we’ll demystify the concepts of cryptocurrency and the technology that it’s built on and talk about the differences between Dagchain and Hyperledger.

What Is Dagchain?

Dagchain is the technology that backs the cryptocurrency known as Dagcoin. It was created in response to the shortcomings in blockchain technology, which we’ll get into later in this article.

What Is Blockchain Technology?

Blockchain is the technology that supports Bitcoin, Ethereum, and other digital cryptocurrencies. Blockchain technology also underpins smart contracts and other decentralized applications, or “dapps.” There are seemingly endless uses for blockchain technology. Its supporters say that the technology takes power out of the hands of central authorities – governments, banks, and legal systems – and empowers ordinary people.

Eventually, blockchain fans say, the technology could take over virtually any operation that is currently performed by intermediaries. This means that loans, voting systems, and, of course, currency exchanges could eventually be handled by blockchain technology.

Blockchain’s critics say that technology has made it easier for criminals to launder money and avoid currency tracing when paying each other for illegal goods and services.

What Is Hyperledger?

The Hyperledger project is a collaborative effort launched by the Linux Foundation in 2016. Its stated aim is to bring together people from different industries in order to explore the uses of blockchain technology. The Hyperledger project does not have its own cryptocurrency. It aims to advance blockchain technology and come up with new uses for it.

Hyperledger’s members include leaders from the banking, computing, and aviation industries. Its members include Airbus, American Express, Cisco, and Deutsche Bank, to name just a few.

Hyperledger lists a range of different projects on its website, all involving new ways to use blockchain technology. For example, the project known as Burrow is aimed at improving the way smart contracts operate, and the Hyperledger Quilt is designed to make payments and transactions easier across different ledgers.

Problems with Hyperledger

The Hyperledger project has generated several innovations in the field of blockchain technology, but the project operates in a rigid top-down fashion. The people and groups that stand to benefit the most from it are already in the global one percent. The Hyperledger project lacks clear and immediate benefit for most of the world’s citizens, especially for those in developing nations.

What Is Dagcoin?

Dagcoin is the currency backed by Dagchain. Dagcoin was created with the goal of having a decentralized cryptocurrency for use in developing countries. The idea was to help ordinary people cope with a fundamentally unfair system and to help people deal with the problems caused by currency devaluation.

The Dagcoin cryptocurrency is intended to be just like an ordinary currency, only better. Instead of just another commodity to trade, our goal is the make Dagcoin the most usable cryptocurrency ever.

In addition, Dagcoin aims to be a step up from regular money as well. This means improving the speed of transactions while reducing the cost, giving access to money to more people with lesser restrictions and limitations, giving more freedom to transact.

How Is Dagchain Different from Hyperledger?

Dagchain does not operate on a blockchain network. It is not a series of blocks; rather, each separate transaction forms its own block. The blocks are then linked to previous transactions in order to form what’s known as a directed acyclic graph, or DAG.

The Dagchain was designed to be quick-moving and reliable enough to back a normal currency. It was designed to democratize cryptocurrency and increase its scalability. While industry leaders and big business are welcome to use Dagcoin, the technology was originally designed for use in the developing world. It was intended to run as smoothly as possible and to be accessible to people who may not have backgrounds in technology.



Unlike other cryptocurrencies, it does not rely on miners to confirm transactions. Dagchain has every new member of the network confirm at least one previous transaction. This means that there is no two-tier system, as there is in other cryptocurrencies, in which miners are privileged over other users. It also means that there is an incentive to keep Dagchain operating quickly since each new user needs to confirm previous transactions before adding their own transaction.

The Breakdown

Dagchain:

  • Is new technology that seeks to remedy problems that arose with blockchain technology
  • Makes cryptocurrency accessible to people around the world
  • Speeds up the confirmation process for transactions and eliminates the two-tier system in most cryptocurrencies

Hyperledger:

  • Runs on blockchain technology
  • Backs blockchain projects supported by computing, aviation, and banking leaders
  • Does not host a cryptocurrency

Final Thoughts

Dagchain and Hyperledger differ in how they operate as well as in their intended uses. Hyperledger aims to explore new uses for blockchain, while Dagchain avoids it entirely in an effort to increase transaction speeds while reducing or eliminating fees.

They were also created with wholly different uses in mind; Hyperledger aims to streamline payments and transactions for large banks, while Dagcoin was conceived in an effort to create a stable, decentralized currency to help users in developing countries.

Nils Grossberg is an entrepreneur from Tartu, Estonia. Nils Grossberg graduated from the University of Tartu with a bachelor’s degree in History. He is the co-founder and former CEO of Dagcoin OÜ, the software company behind the development of Dagcoin cryptocurrency and its ecosystem.

Related:

VISA launches Hyperledger network for faster payments

13/06/19 09:00UTC-7
VISA launches Hyperledger network
VISA launches Hyperledger network

VISA Financial Services Corporation announced its latest blockchainBlockchain

is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
offering suggesting a faster cross-border payment, – as reported by Reuters.

Quick payments using blockchain

Visa, which is well known for offering credit cards, debit cards and electronic money transfers worldwide, has finally launched a blockchain solution for faster cross-border payments.

Visa wants to challenge competitors like Ripple, who already offer the fastest cross-border solution on the market.

Interesting in the section: Blokchain technology outside cryptocurrencies

Visa uses a Hyperledger Fabric, developed by a team of specialists, led by the Linux Foundation. The system is called the Visa B2B Connect Network and currently covers 30 trade corridors around the world, and 90 markets are expected by the end of the year.

According to Visa, the purpose of the network is to simplify international payments, allowing enterprises to make transactions directly from their bank to the receiving bank.

VISA launches fast payments using the blockchain. This should lead to a further increase in the popularity of Visa and the blockchain, as Visa is taking steps in the right direction to maintain market dominance by new players in the industry.

Editor: Yuliya Soroka

See also: “IBM blockchain for international trade was launched in Russia”

#VISA#blockchain#cryptocurrency#Hyperledger

Related:

AWS Releases Amazon Managed Blockchain, Providing Simple Blockchain Development to the …

Amazon Web Services (AWS), the online cloud and database service from retail giant Amazon, has announced the release of Amazon Managed Blockchain (AMB). The revolutionary new service from one of the largest suppliers of cloud-based business applications will put blockchain technology into the hands of millions of businesses worldwide.

The new service provides the ability to build upon not only Ethereum but also Hyperledger Fabric, an open-source blockchain development solution hosted by the Linux Foundation and used extensively in collaborations with IBM.

Hyperledger Fabric Service

Through the use of Hyperledger Fabric, The Amazon Managed Blockchain service will give businesses the ability to quickly and easily build highly secure, scalable and reliable private blockchains. Unlike public blockchains that have been made famous by cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), private blockchains are used within a company or group of companies for internal business purposes.

The service will expose companies to the many benefits of distributed ledger technology, such as smart contracts, decentralized applications, automated confirmations and all the associated time and cost savings.

Ethereum Service

The addition of Ethereum blockchain support provides businesses with the added benefit of hosting more publicly available blockchains such as those required for customer rewards programs. Blockchains built upon Ethereum can be designed to be entirely transparent while remaining immutable and independently verifiable. In addition, it provides a conduit of access to the hugely popular Ethereum public blockchain.

Unlike in-house blockchain systems, the cloud-based AMB service doesn’t require any additional hardware installation or complex network and software configuration. Common concerns such as transaction speeds and network safety are all managed by AWS.

Blockchain in Industry

Blockchain technology has rapidly grown in popularity over the past few years, offering significant benefits to businesses in the healthcare, supply chain, finance, and retail sectors. Several large-scale financial trading institutions have already implemented blockchain to automate previously time-consuming and resource-heavy processes.

Retail and supply chain benefit from the reliability and transparency of tracking information across multiple international platforms without the need for centralized control.

Related:

Amazon’s Managed Blockchain now open to everyone

Amazon announced through Amazon Web Services (AWS), its cloud computing platform subsidiary, that Amazon Managed Blockchain (AMB) is now available for general use.

According to the announcement, the platform will allow customers to set up a blockchain network within their organizations. Through this platform, customers will be able to use the Ethereum and Hyperledger open source frameworks.

Rahul Pathak, the General Manager, Amazon Managed Blockchain at AWS said:

“Customers want to use blockchain frameworks like Ethereum and Hyperledger Fabric to create blockchain networks so they can conduct business quickly, with a permanent record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure, and manage.”

The blockchain-as-a-service (BaaS) will reportedly allow businesses to develop their networks more quickly and at a lower cost. It eliminates the need for provision hardware, creates and manages certificates for access control, installs software, and configures network settings. Pathak added:

Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates, and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”

In addition, AMB provides simple APIs that allow customers to vote on memberships in their networks and to scale up or down more quickly.

Amazon states that AMB can scale to support thousands to millions of transactions. So far, companies like AT&T Business, Nestlé and the Singaporean investment market, the Singapore Exchange, have signed on to use Amazons Platform.

AMB is available immediately in North Virginia and will soon expand to other regions hopefully next year. Additionally, QLDB will be generally available in the coming months.

Last year in November when announcing the platform, Andy Jassy, the Amazon CEO said that Amazon had spent a lot of time understanding why customers want blockchain rather than a database.

Amazon combined the managed service with a centralized blockchain service, Amazon Quantum Ledger Database QLDB, that is reportedly a fully managed ledger database with a central trusted authority.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Related:

Is Ethereum becoming the new open-blockchain standard as Amazon gets into blockchain?

Amazon is making its entry into the blockchain space, via a new tool available through its AWS (Amazon Web Service) to “create and manage scalable blockchain networks” via open-blockchain networks like Ethereum.

You can now create & manage scalable blockchain networks with generally available Amazon Managed Blockchain. https://t.co/qoPDufNVl0pic.twitter.com/z2M804vwgm

— Amazon Web Services (@awscloud) April 30, 2019

Why Ethereum?

Amazon has said that “Ethereum is well suited for highly distributed blockchain networks where transparency of data for all members is important”. They gave the example of a “customer loyalty blockchain network that allows any retailer in the network to independently verify a user’s activity across all members to redeem benefits”.

In the press release, Amazon said that businesses can setup a blockchain network spanning multiple AWS accounts in the management console. AMB supports two frameworks — a business’s choice of Ethereum or Hyperledger Fabric. The former is the fruit of the combined labours of IBM and the Linux Foundation — part of the Hyperledger Project, which features as part of IBM Blockchain, a Performance-as-a-Service offering.

It must also be noted that Ethereum isn’t actually supported yet, with a planned schedule to come online in the summer.

How it will work

Amazon Managed Blockchain will be used to “easily create and manage scalable blockchain networks”. The new service will launch on Hyperledger Fabric today, with “Ethereum coming soon”.

The new product promises customers an ability to “set up and manage a scalable blockchain network” with “just a few clicks”.

In addition to making it easy to set up and manage blockchain networks, Amazon Managed Blockchain provides simple APIs that allow customers to vote on memberships in their networks and to scale up or down more easily. Amazon Managed Blockchain offers a range of instances with different combinations of computing and memory capacity to give customers the ability to choose the right mix of resources for their blockchain applications.

Amazon Managed Blockchain secures certificates for access control using AWS Key Management Service technology, eliminating the need for customers to set up their own secure certificate storage.

For over a decade, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud computing platform. Today, customers like Apple spend over $30 million a month on the business units services.

On the back of interest in the decentralised open blockchain from the likes of Elon Musk, it looks like Ethereum is fast becoming the platform of choice for industry adoption in the form of this new venture with Amazon’s web services division.



By Nawaz Sulemanji – May 1, 2019

The post Is Ethereum becoming the new open-blockchain standard as Amazon gets into blockchain? appeared first on Coin Rivet.

Related:

Amazon launches new blockchain service

Amazon’s blockchain service, Amazon Managed Blockchain (AMB), is now generally available in northern Virginia, and will be expanding into other regions over the next year.

AMB, which was first announced at the company’s re:Invent event in late 2018, allows businesses to create and manage scalable blockchain networks. Using the service, customers can setup a blockchain “spanning multiple AWS accounts with a few clicks”. It will support two frameworks: Ethereum or Hyperledger, although Ethereum is not yet supported and has been scheduled for later in the year.

“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure and manage,” remarked Rahul Pathak, general manager, Amazon Managed Blockchain at AWS.

“AMB takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”

Amazon has revealed that AMB supports thousands of applications running millions of transactions and boasts of several high-profile clients already, including food giant Nestlé.

Related:

Amazon Managed Blockchain Powered By Ethereum – AT&T And Nestlé Already On Board

The Amazon Web Services platform, which is the largest cloud computing service by market share, has made its Amazon Managed Blockchain (AMB) service generally available, the company announced.

The service is aimed at enterprise customers and will allow them to build their blockchain networks for their organizations. The service is stated as being convenient, inexpensive, and efficient. The announcement reads,

Customers who want to allow multiple parties to execute transactions and maintain a cryptographically verifiable record of them without the need for a trusted, central authority can quickly setup a blockchain network spanning multiple AWS accounts with a few clicks in the AWS Management Console. Amazon Managed Blockchain scales to support thousands of applications and millions of transactions using popular open source frameworks like Hyperledger Fabric and Ethereum.

Rahul Pathak, General Manager of Amazon Managed Blockchain at AWS, said of the difficulty that businesses face in setting up a blockchain network,

Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure, and manage. Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.

Aside from making blockchain deployment simpler and quicker, the service will also feature APIs that allow users to vote on memberships in the network.

Representatives from several established businesses, like Nestle, AT&T, and MOBI, spoke positively of the service and their use of it.

Blockchain-as-a-Service (BaaS) is a popular niche in the industry and several projects, such as Stratis, are working to offer established entities a solution for the upcoming decentralized age, giving them the tools they need to deploy blockchain networks quickly.

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