B2B Payments

Amazon Eyes Blockchain

Amazon Web Services (AWS) is rolling out two new solutions designed to enhance the transparency of corporate transactions for companies that have full audit requirements.

An announcement Wednesday (November 28) said AWS is launching Amazon Quantum Ledger Database, as well as Amazon Managed Blockchain – solutions that Amazon Web Services CEO Andy Jassy said are “something that a lot of companies need.”

He spoke at the firm’s re:Invest conference on Wednesday, when the products were announced, separate reports in CNBC said.

AWS’s Amazon QLDB solution is described as “a transparent, immutable and cryptographically verifiable ledger” for applications that need a way to secure transaction records. The solution is designed to strengthen the security and transparency of corporate transactions as they relate to finances, insurance, HR, supply chain or manufacturing, the company explained, pointing to the ability for a company to trace items as it moves through a supply chain as one potential application of the tool. The solution allows one entity to own the ledger, but allow other organizations to access the data on it.

AWS said Amazon QLDB has already been in use by AWS professionals for several years. The company also pointed to online ad exchange Smaato as another early adopter of the solution, using it to manage the ability for online advertising stakeholders to view all data in real time through online ad auction processes.

Amazon Managed Blockchain, meanwhile, allows corporations to develop their own blockchain networks allowing multiple parties to execute transactions without the need for a third-party authority. The solution provides the same capabilities of a ledger while still allowing multiple parties to transact, execute contracts and share data, and to more easily set up Hyberledger Fabric or Ethereum blockchain frameworks.

According to AWS, the solution “can scale to support thousands of applications running millions of transactions.” Users can choose their framework, add network members, and configure member notes to process transaction requests. Those members can vote to add or remove members using a voting API.

CNBC noted Walmart recently announced it would be deploying the latest blockchain technology from AWS, planning to use the solutions to require its lettuce suppliers to upload information to a blockchain portal within the next year, enabling the company to maintain greater visibility and traceability of its vendors and supply chains.

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