Customers look to blockchain as technology that enables them to transact with multiple parties when there is no single trusted authority and they need a system with decentralized trust paid awscloud
, an AWS customer. They've created a way to connect small farms in developing nations to banks and distributors of goods, like seeds, fertilizer, and tools. Traditionally, rural farms have been ignored by the financial world, because they don't normally have the information required to open an account or apply for credit. With HARA, this hard-to-obtain data on small farms is collected and authenticated, giving these farmers access to resources they've never had before.
Blockchains are designed to maintain the integrity of data. They are immutable—committed data history cannot be altered or deleted, it can only be updated. Ledgers are the building blocks that help make blockchains immutable, so I'm going to explain this concept in detail. The current process requires trade-related paperwork to go back and forth between the stakeholders, which can take 5–10 business days to complete. This results in long processing time and high costs.
Managed Blockchain manages certificates and track operational metrics, such as usage of compute, memory, and storage resources. With Managed Blockchain's voting API, network participants can add or remove members. When a network member requires additional capacity for creating and validating transactions,the member can quickly add a new node using Managed Blockchain's APIs.
A blockchain network is a peer-to-peer network running a decentralized blockchain framework. Each network includes one or more members, which are unique identities in the network . Each member on the network can easily create their own peer nodes that come with a variety of compute and storage options.
Managed Blockchain provides endpoints to access these services, which can be accessed via an AWS PrivateLink endpoint. Additionally, in Managed Blockchain, we have improved the reliability of the default ordering service, a component that ensures delivery of transactions across the blockchain network. We have rebuilt the ordering service using the same underlying technology as Amazon QLDB.
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