Date
25 May 2018
Amazon Web Services (AWS) is partnering with blockchain incubator ConsenSys to simplify the process of establishing enterprise blockchains. Photo: Reuters
Amazon Web Services (AWS) is partnering with blockchain incubator ConsenSys to simplify the process of establishing enterprise blockchains. Photo: Reuters

Amazon’s AWS jumps into blockchain fray with new partner

Cloud computing giant Amazon Web Services (AWS) is partnering with blockchain incubator ConsenSys to simplify the process of establishing enterprise blockchains, CNBC reports.

It is “the first Blockchain SaaS solution available on the AWS Marketplace and will help [enterprises] rapidly advance their blockchain projects”, AWS said in a statement.

Announced at the ConsenSys blockchain conference in New York on Tuesday, the tech giant’s cloud computing arm is partnering with a startup called Kaleido, which was born out of ConsenSys.

The company aims to make the technology onboarding process smoother for enterprise consortium members while simplifying the operation of private blockchain networks.

Joseph Lubin, founder of ConsenSys and the ethereum blockchain platform, said this is “the biggest move yet by the tech giant to get into blockchain”.

A blockchain is a form of digital record keeping where transactions are stored in a decentralized ledger on a peer-to-peer network; it is touted as faster and more secure by advocates. Many flavors of blockchain have evolved over the years as public and private blockchains have emerged.

A public blockchain is completely open and anyone can join and participate in the network. On the other hand, a private blockchain has restrictions on who is allowed to participate in the network, with a single entity or enterprise capable of overriding commands on the blockchain if needed.

Hyperledger and R3 are examples of private blockchain solutions. IBM, Accenture, Deloitte, JP Morgan, and HSBC are among the other corporate names working on blockchain initiatives.

Cryptocurrency media Coindesk notes that in managing participation in a private blockchain, enterprises usually come across various challenges, including member onboarding, consensus and communication mechanism, as well as governance of the platform.

Kaleido would enable its users to deal with those issues, Michael Dickson, the enterprise blockchain business development lead at ConsenSys, told CoinDesk. He said it can also help connecting enterprises’ private blockchains to the ethereum network.

“[Enterprises] can focus on their scenario and they don’t have to become PhDs in cryptography. We give them a simple platform to build their company on the blockchain,” Steve Cerveny, one of the founders of Kaleido, told CNBC.

Matt Yanchyshyn, the global technical lead for AWS’ partner program, told CoinDesk: “We have been following ethereum closely as it’s what many of our customers have been exploring, especially for enterprise use cases.”

He added: “Working with ConsenSys will allow us to further understand customer needs and help accelerate their blockchain efforts.”

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