How Companies like Amazon and Google are Making Use of Blockchain

Blockchain is the ultimate enabler of trust.

Don Tapscott, Blockchain Revolution

When most people hear the word “blockchain,” cryptocurrency is the first thing that comes to mind. And how could it not? Ever since the 2016 Bitcoin boom, cryptocurrency has transcended its very niche group of enthusiasts, taken over the entire financial news space, and made its way into mainstream culture.

These days, even your grandpa has some alt-coin tips that are definitely about to blow up.

Any time now…

But in this article, we’ll step away from that news, the unbelievable highs and even greater lows of cryptocurrency, to discuss the very thing that makes all the drama possible: blockchain technology.

What is blockchain?

Blockchain is a cutting-edge digital technology that has the potential to transform how data is stored and shared.

What really sets it apart is its decentralized nature. Plus, every transaction is out in the open for everyone to see.

In essence, it’s a completely secure and transparent list of records that stores data publicly.

Many companies that you know are already using blockchain-based solutions in some capacity. Visa, IBM, J.P. Morgan, and many more. For instance, Walmart is utilizing the technology to trace the origin of its products, including meat and produce.

And as we’re seeing heavy investment in the field from both multinationals as well as accredited investors, there’s definitely more to come in the future.

🔮 Answers: What are the three concepts used to explain the foundation of blockchain?

Amazon’s role in advancing the use of blockchain

Amazon has emerged as a prominent leader in the advancement of blockchain technology and has made significant investments in this field. But how specifically?

AWS Managed Blockchain

Amazon’s AWS Managed Blockchain is a valuable service designed for businesses seeking a secure and reliable solution for data storage, tracking, and sharing.

This user-friendly service streamlines the process of establishing and managing blockchain networks, offering customizable access levels for various users.

By leveraging AWS Managed Blockchain, businesses can experience enhanced security, trust, transparency, speed, and scalability without requiring specialized knowledge or expertise in the domain.

The top features are:

• Secure and reliable data storage and tracking
• Customizable access levels for users
• No specialized knowledge required
• Rapid network creation and management

Amazon Quantum Ledger Database (QLDB)

Amazon’s QLDB is a cutting-edge ledger technology that enables businesses to store, track, and share data in a transparent and auditable manner.

The user-friendly nature of QLDB allows businesses to establish their own chains without necessitating specialized knowledge or expertise in the field, ultimately promoting efficiency and time savings in data management.

Top features:

• Auditable data tracking and sharing
• Tailored networks with varying access
• Increased transparency and scalability
• User-friendly, no expertise needed
• Efficient time and resource management

Microsoft’s contribution to the evolution of blockchain technology

Azure Blockchain Service

A blockchain-as-a-service offering, it enables businesses with the best Azure managed hosting to rapidly develop, deploy, and manage customized networks.

By providing a secure, efficient, and cost-effective platform for creating and administering distributed ledger solutions, this service is built upon the Azure cloud platform.

It supplies users with user-friendly tools that allow for the effortless creation and management of networks, eliminating the need for specialized knowledge or expertise.

Top features:

• Seamless deployment and management
• Secure, efficient, and cost-effective
• Distributed ledger solution support
• Built on Azure cloud platform

Coco Framework and Byzantine Fault Tolerance

Microsoft’s Coco Framework and Byzantine Fault Tolerance are essential tools designed to assist businesses in swiftly building, deploying, and managing customized blockchain networks.

The Coco Framework ensures that all data stored on the blockchain remains secure and private, while Byzantine Fault Tolerance guarantees smooth operation even if some of the computers managing blocks encounter issues or suffer attacks.

Top features:

• Ensures smooth operation
• Resilient to computer issues or attacks
• Supports efficient chain management
• Integral tools for tailored networks

Google’s mentorship with the blockchain ecosystem

Google has been an active mentor in the blockchain ecosystem, investing in a number of companies and offering guidance to startups. The company has also partnered with a number of organizations to promote the development of blockchain technology, such as Hyperledger, BigchainDB, and Blockstream.

At its Cloud Next event in 2018, Google launched its Blockchain-as-a-Service platform, which provides a suite of products and services aimed at helping businesses build, manage, and scale their networks. The company also hosts workshops to educate those interested in starting projects based on the technology.

Google has invested in a number of web3 startups, such as ChainLink and Ripple Labs, and has partnered with Ethereum Foundation to help create an open-source platform for developing distributed applications. The company also plans to launch its own cryptocurrency, dubbed “GCoin.”

Google is continuing to invest in the space, indicating that the company views this technology as having a major role in the future of digital commerce. Its involvement in this ecosystem is likely to help shape the direction of this technology for years to come.

Conclusion

In this article, we’ve seen how decentralized technology has way more to offer than just cryptocurrency.

In fact, there are many blockchain-powered tools that businesses can start using today to enhance all aspects of their operations in an extremely secure way. And with the biggest companies in the world heavily investing in the field, there’s definitely more to come.

And if you know anyone who thinks blockchain and cryptocurrency are the same things, don’t forget to share this article with them!