Technology/Social Media

Amazon launches Kaleido Blockchain to boost business platform

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(Last Updated On: May 17, 2018)

#Amazon | #Kaleido | #Blockchain

Amazon is adopting a blockchain technology which is Ethereum-based cloud platform called Kaleido for its Amazon Web Services, which will assist customers to do things faster.

“Introducing Kaleido to AWS customers is going to help customers move faster and not worry about managing blockchain themselves,” says Amazon Web Services.

Kaleido is Ethereum-based, and Amazon’s newest technology which enable its customers build and manage their  own blockchain platforms with ConsenSys.

The new launch is to make blockchain more accessible to customers of Amazon Web Services, the cloud-computing arm of Amazon.com.

Kaleido blockchain technology for Business

According Kaleido co-founder Steve Cerveny, customers of Amazon Web Services would be able to launch and operate blockchain networks without spending millions of dollars writing custom code.

“They don’t have to become PhDs in cryptography,” Cerveny told CNBC. “We give them a simple platform to build their company on blockchain.”

It’d be recalled that Ethereum co-founder Joseph Lubin, who’s also the founder of ConsenSys, introduced Kaleido during Blockchain Week in New York on May 15, 2018.

Lubin said Amazon’s collaboration with Kaleido marks a turning point for Ethereum and for blockchain technology,while helping the company streamline its business with supply-chain management.

“This is a heavy-duty, full-stack way of getting the company into blockchain solutions,” he said.

“We have been on a mission to accelerate the adoption of Ethereum and all the benefits that decentralization can bring.

“We believe Kaleido will become a de-facto standard and a global blockchain platform for business, Lubin confidently said.

Amazon isn’t the first global giant firm to adopt blockchain technology?

The number of global firm embracing blockchain technology is growing every day.

Amazon isn’t the first and it wont be the last. It has joined the likes of largest social media platform Facebook, IBM, Accenture and HSBC.

Others include JPMorgan Chase, though it’s still back and forth about its stance on the Blockchain.

Just yesterday, Co-President of JPMorgan Chase Jerry Pinto publicly declared that “Cryptocurrencies are real but not in the current form.”

Facebook particularly is brainstorming on how to tap into many financial opportunities blockchain holds.

To actualise this the largest social media platform has assembled blockchain-focused team.

Early this year, Facebook announced it’d be banning crypto-related ads on its platform, which instigated other platforms like twitter and Google Adwords to made the same decision.

It actually did that, but only for three and half months. Cryptocurrency Ads have since resurfaced on the social network platform.

In the smartphone and semiconductor sector, tech giant Samsung too said it’d consider using blockchain ledger to track its global shipments, which “will reduce shipping costs by 20 percent.”

More global companies are embracing blockchain projects-Lubin

“Three years ago we were getting calls from companies trying to spell blockchain and trying to order one in a color because their boss told them they should get a blockchain,” Lubin laughed.

“At this point, there are tens of thousands of companies around the world that have real sophistication around this.”

IMF stance on blockchain technology and cryptocurrency

Of recent, a report by the International Monetary Fund (IMF) says cryptocurrencies do not pose any financial stability risk.

We hope to see more firms come on board as blochchain opens more opportunities in global financing and reducing cost.

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Opeyemi Quadri

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