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Why the Blockchain Is Amazon’s New Interest

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Amazon launched AWS Blockchain Templates

Earlier, we discussed how IBM’s (IBM) lower-than-expected guidance weighed on its stock.

In a blog post on April 19, 2018, Amazon (AMZN) announced the launch of AWS (Amazon Web Services) Blockchain Templates, “a fast and easy way to create and deploy secure blockchain networks using open source frameworks.”

AWS Blockchain Templates will help developers create and deploy blockchain networks on AWS using preset blockchain frameworks that support Ethereum and Hyperledger Fabric.

Hyperledger is a Linux open-source project aimed at accelerating blockchain technology. It’s been endorsed by leading technology players such as IBM, SAP (SAP), Cisco Systems (CSCO), and Intel (INTC). Ethereum is a cryptocurrency that contributes ~18% to the overall cryptocurrency market.

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Factors that drew Amazon to Blockchain technology

Jeff Barr, Amazon’s AWS vice president, said the company’s entry into the blockchain space happened because it presents “a lot of intriguing possibilities.”

Barr said, “Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments.” 

He added, “Others see blockchains as a distributed ledger and immutable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases. Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively.”

In March 2018, Bloomberg reported that Google (GOOG) was working on its blockchain technology.

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