The Blockchain technology is an insightful invention, claimed to be a brainchild of a Japanese named Satoshi Nakamoto that is referred to as an Internet having a built-in robustness. Blockchain technology is capable of storing blocks of information that are identical throughout the network that neither be controlled by a single identity nor has a single point of failure. Blockchain technology allows the digital transformation to be distributed over the network without being copied that results in a new type of the internet. According to Don and Alex Tapscott, authors of Blockchain Revolutions, The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not only financial transactions but virtually everything that has a value.
The Blockchain technology is all set to enter the mainstream of the enterprise computing which will help it to gain a considerable momentum in many industries. For instance, Cisco Systems Inc. is planning to discover the possibilities of Blockchain along with Internet of Things (IoT) to manage the supply chain risk. Salesforce.com Inc. has announced to introduce a Blockchain product later this year. Considering all these good measures from the business perspectives, Amazon Web Services (AWS), the secure cloud services platform from Amazon.com Inc. that offers computational power, data storage, content delivery, and hosting system has made a plunge into the newly emerging Blockchain-as-a-service (BaaS) offering. Amazon Web Services (AWS) has lately released its AWS Blockchain Templates for developers to build and deploy secure Blockchain networks faster and easier.
What is AWS Blockchain Templates?
These templates are designed to drive the attention towards creating the Blockchain-based applications using popular open source frameworks without misspending time and forces required to set up the Blockchain network manually. Amazon Web hosting services will target the healthcare and finance sectors using the Blockchain template technology. The Amazon Web Services (AWS) product will provide a pre-set Blockchain framework to the developers that will support two versions of the Blockchain, namely Ethereum and Hyperledger Fabric from the very popular Linux Foundation. Both these versions, Ethereum, and Hyperledger Fabric offer distributed consensus algorithms, smart contract functionality, and access control features. AWS Blockchain Templates choose among these frameworks as containers on Amazon Elastic Container Service cluster, or can directly deploy on an EC2 instance that runs Docker.
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How does Blockchain-as-a-Service (BaaS) work?
Blockchain has been acknowledged as an efficient and robust data storage system. However, the process involved in creating, running, and managing the blocks of information is extremely complex. This is the reason why many enterprises and businesses have yet not implemented this efficient system, despite its numerous benefits. Amazon Web Hosting Services will introduce the Blockchain technology as a BaaS model that will outsource the operational work of Blockchain, allowing the enterprises to focus only on its core business activities. Using the BaaS model the enterprises will lease out the Blockchain from the Blockchain providers. The providers will persuade the users in getting started with this model and will focus on deploying and configuring the Blockchain technology as per the requirements of the business on their private servers. Oracle and IBM have already unveiled the Hyperledger based BaaS offering in March 2017. Apart from these, Chinese tech giants, Baidu Inc., and Tencent Holdings Ltd. have entered in this game. Amazon’s shift into Blockchain comes as a big blow to such other companies that operate in this space.
How does an AWS Blockchain Template work?
The AWS Blockchain Templates will quickly create and deploy the Blockchain network using the two most popular frameworks namely Ethereum or Hyperledger Fabric to provide support to Amazon ECS or Amazon EC2 instances. These frameworks should be chosen wisely as there are obvious differences between them.
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Ethereum is an open source Blockchain framework allows the developer to build Blockchain applications that are supposed to run and function exactly the way they are created. There is no space for server downtime, the risk of fraud and censorship. Ethereum does not require third-party involvement and remains remarkably preferred option for the enterprises which choose to build a new public network.
On the other hand, Hyperledger Fabric-an open-source Blockchain framework from the Linux Foundation allows the developer to build Blockchain applications along with the access control and permissions for data to carry out smooth transactions on the Blockchain network. The Hyperledger Fabric is best suited for enterprises that require to establish a private Blockchain network or want to impose a constraint on the visibility of the transactions that could be possibly seen for each party.
Using the above network compatible Blockchain frameworks, AWS Blockchain Templates offer the users a large variant of necessary tools to manage, monitor and deploy Blockchain in real-time browsing scenarios. AWS Blockchain Templates allow easy, instant deployment and configuration of Blockchain software that assists the business to create their own instance of a decentralized network of their choice. Just like the standard SaaS billing model, AWS Blockchain Templates are chargeable as pay-as-you-go pricing models where the client pays only for the service and resources used. BaaS model is expected to serve a variety of industrial applications such as financial services, supply chain management, Internet of Things, and healthcare just like any other self-hosted and self-operated Blockchain models.
AWS has partnered with Digital Currency Group to boost innovation and support frictionless experimentation. Digital Currency Group is a financial institution that allows companies to experiment with the Blockchain technology.