Many enterprises can benefit from blockchain technology, but few should build it from scratch. See how Amazon Managed Blockchain works, and its pricing, as one option for blockchain as a service.
Blockchain Components- Money may make the world go round, but documentation also sits at the heart of commerce. While traditional record-keeping approaches require a centralized authority to verify and secure each transaction, blockchain technology offers a shared, distributed, immutable and independently auditable ledger. The effort to build a peer-to-peer blockchain network, however, is substantial, which leads cloud users to consider blockchain as a service, such as Amazon Managed Blockchain.
For blockchain to work, transactions are recorded on nodes of a network. An organization must configure hardware and networks, install blockchain framework software, manage certificates and authentication, and constantly adjust the deployment as nodes join or leave the network. On the other hand, managed blockchain services from public cloud providers handle all of the infrastructure and management tasks needed to create and run applications over a blockchain network.
Amazon Managed Blockchain is a scalable option, wherein the vendor controls authentication and certificates and can support the traffic needs of many applications processing millions of transactions. However, Amazon blockchain as a service is not as mature or widely available as flagship AWS offerings. At time of publication, AWS supports Hyperledger Fabric version 1.2 for the service and plans to add support for the Ethereum framework. Amazon Managed Blockchain is available only in Northern Virginia U.S. Region. The Starter edition should fit the needs of test and evaluation along with deployment in small production environments. Use the Standard edition for large or high-volume production network environments.
If blockchain technology is the right answer for transactional workloads at your company, evaluate how Amazon Managed Blockchain works, its underlying frameworks, and what’s included in the two editions.
How Amazon Managed Blockchain works
In Amazon blockchain as a service, administrators can name and describe the blockchain network, and then select the voting policy that guides how member nodes make decisions about transactions. The initial blockchain network is completed by creating the first node member, and the network remains operational until the last of all node members is removed.
To scale, the managed blockchain service invites other AWS accounts to join the network, and creates and configures network connections to peer nodes to store copies of the distributed ledger. The administrator can also remove network members.