Amazon Blockchain: to gain visibility in the supply chain

Blockchain: let us review the basics

Blockchain is just that, a chain of blocks of transaction data. The body of transactions creates a ledger, a record of all the transactions.
Two key aspects of the original blockchain concept are immutability and verifiability. The first means that individuals can’t change the already entered records. The history always remains.
The second means that each member of the chain can verify the chain. This is done through mathematical proofs of keys in each transactions.
Immutability and verifiability provide the trust that supports the model.
Companies are looking at different levels of implementation of the technology. The trust in the ledger is one aspect while blockchains can be both public or private depending on the application.

Amazon Managed Blockchain

Multiple parties can transact with one another without having to know or trust each other. A fully managed service that makes it easy to create and manage scalable blockchain networks and distributed ledger technology. As mentioned, the ledger is at the core of blockchain and can be extracted, but there are still interesting business uses for blockchain.

Nestle’s Chain Of Origin Coffee Brings Supply Chain Transparency With Amazon Managed Blockchain

Nestlé is a global food and beverage company with more than 2,000 brands and global distribution across 189 countries worldwide.

Amazon patents blockchain based solution for product authentication

Three years after initial filing, Amazon, world’s biggest online retailer, was granted a patent for blockchain based solution for product authentication from the U.S. Patent and Trademark Office.

Amazon Quantum Ledger Database (QLDB)

A fully managed ledger database that provides a centralized, immutable, and cryptographically verifiable transaction log.

Amazon ‘Head of Digital Currency and Blockchain’

Amazon was looking for a new “Head of Digital Currency and Blockchain” to join its Payment Acceptance team and lead the company’s crypto adoption.

Conclusion

With Amazon on board, the tech industry may see more companies join them by implementing these exciting fintech initiatives across various sectors and industry channels, making it easier for customers to purchase goods and services using cryptocurrencies.

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David BECK

David BECK

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AI • Blockchain — David is a former Entrepreneur, Contributor to French government publication. He is now a Teacher, Researcher, Expert at La (French) WineTech.