AWS re:Invent 2018 became stage to the launch of two innovative blockchain services from Amazon- Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain. Both the services are expected to help companies manage business transactions that require full auditability.
Amazon Quantum Ledger Database (QLDB)
Amazon QLDB is a fully managed ledger database that provides a transparent, immutable, and cryptographically verifiable transaction log owned by a central trusted authority. QLDB tracks each and every application data change, and maintains a complete and auditable history of changes over time. Many organizations develop applications incorporated with ledger-like functionality so that they can maintain a complete and accurate history of their applications’ data such as transactions occurred, data lineage, tracking an item’s movement in the supply chain etc. Traditionally, ledger applications are implemented using custom audit tables or audit trails created in relational databases. This is time-consuming as well as prone to human errors. Amazon QLDB is a new class of database that eliminates the need to engage in the complex development effort of building your own ledger-like applications.
With QLDB, your data’s change history remains immutable (meaning it can’t be altered), and the use of cryptography helps you verify if there are any unintended modifications made to your application’s data. QLDB’s transaction log, known as a journal is immutable and provides a complete and auditable history of changes over time. It’s easy-to-use since it provides a SQL-like API (familiar to developers), a flexible document data model, and full support for transactions. QLDB is also serverless, so it automatically scales to support the demands of your application. With QLDB, you only pay for what you use.
Amazon Managed Blockchain
Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain networks using the popular open source frameworks Hyperledger Fabric and Ethereum. Though Blockchain makes it possible to develop applications where multiple parties can execute transactions without the need for a trusted, central authority; building a scalable blockchain network using the existing technologies is complex, and is hard to set up and manage.
Amazon Managed Blockchain allows you to set up and manage a blockchain network with just a few clicks. It eliminates the overhead needed to create the network, besides scaling enough to meet the demands of thousands of applications handling millions of transactions. Once your network is up and running, Managed Blockchain simplifies the maintenance and management of your blockchain network. It takes care of managing your certificates, lets you easily invite new members to join the network, and tracks operational metrics such as usage of compute, memory, and storage resources. Managed Blockchain also replicates an immutable copy of your network activity into Amazon Quantum Ledger Database (QLDB). This allows you to easily analyze the network activity outside the network and gain insights into trends.
Related read: AWS Blockchain Templates: Presenting the 1-Click Revolution.