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- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
On Wednesday November 28, at AWS Invent, Amazon Web Services, Inc. (an Amazon.com company) announced two new technologies for businesses that require full auditability: Amazon Quantum Ledger Database and Amazon Managed Blockchain.
With the downtrend in cryptocurrencies throughout 2018, more and more mainstream corporations are adopting the power of blockchain technology outside the narrow tunnel of cryptocurrencies. Companies such as Unilever and Walmart are implementing blockchain technologies in their supply-chain programs. Banks and financial institutions are exploring the possibilities of blockchain in their own domains. We are truly starting to see this revolutionary technology take its place that was hoarded previously by the frenzy of cryptocurrencies. These services by AWS are another commitment of mainstream Silicon Valley to the adaptation of blockchain.
When talking at the event, Vice President at Nonrelational Databases at AWS, Shawn Bice said, “AWS teams have been using Amazon QLDB for years to maintain a complete, immutable, and append-only journal of data changes. We started out trying to use relational databases to do this, but quickly found they could not scale or deliver the performance we needed to support our most widely-used services.” He continued, “Earlier this year when we started talking to customers about what they needed from a blockchain solution, we realized that the Amazon QLDB’s ledger technology met a lot of their requirements. They wanted a centrally-owned ledger that provided an immutable way to log the transactions history of their applications and was transparent to all the parties with whom they were interacting. So, today we’re offering an immutable, transparent, and cryptographically verifiable ledger, based on the same one that AWS teams have been using for years at scale, as a fully managed service.”
As is stated in their press release, “Amazon QLDB is a new class of database that provides transparent, immutable, and cryptographically verifiable ledger that customers can use to build applications that act as a system of record, where multiple parties are transacting within a centralized, trusted entity.”
These services will be able to remove the need to build complex audit functionality into a relational database or rely on the ledger capabilities of a blockchain framework. Amazon QLDB will use an immutable transaction log, known as a journal, which tracks each and every application data change and maintains a complete and verifiable history of changes over time. All transactions must comply with atomicity, consistency, isolation, and durability (ACID) to be logged in the journal which cannot be deleted or modified.
Amazon Managed Blockchain
Amazon Managed Blockchain is a new, fully managed blockchain service that makes it easy and cost effective for customers to create and manage secure blockchain networks that can scale to support thousands of applications running millions of transactions. It supports two popular open source blockchain frameworks (Ethereum and Hyperledger Fabric) and setting up a blockchain network is as easy as a member’s, and configure the member nodes that will process the transaction requests. These specifications are listed in more detail in their press release regarding the event.
Bitcoin and other cryptocurrencies have struggled to regain their high prices all year. However, they have actually lost value further in Q4 of 2018. In contrast, blockchain and its affiliate technologies have the center stage in bringing about the next big revolution in the way we interact with the internet and gadgets. A more secure, reliable and transparent future is ahead. Already being one of the leading web services and cloud services provider, AWS QLDB and Managed Blockchain by such a major brand are big stepping stones leading to that future.