There are more and more discussions about the market of blockchain. In response to the increasing number of customers that consulted Nextlink about blockchain cloud applications, we have specially consolidated the following content, hoping to provide you with a comprehensive cloud service to solve the pain points of the industry.
What can blockchain do for you?
Several important characteristics of blockchain are widely respected in industrial applications, including:
Decentralized Technology: Blockchain can conduct direct peer-to-peer transactions without the need of a central management mechanism, and the transaction points do not need to know each other.
Immutability: Each transaction are recorded in the block, and the consistency of the data can be verified through the hash function, so the content cannot be tampered with or deleted.
Encrypted for Security: Blockchain has rigorous public and private key features, which can easily verify the user’s identity and ensure that the encrypted content will not be leaked.
Blockchain Application on AWS
If enterprises would like to run blockchain on AWS, in addition to using basic cloud infrastructure and using Hyperledger Fabric and Ethereum templates on AWS, Nextlink also recommends that customers use the following two AWS blockchain application services:
1.Amazon Managed Blockchain
Amazon Managed Blockchain is a fully managed service where you can use open source architectures such as Hyperledger Fabric and Ethereum (coming soon) to build a scalable and easy-to-manage blockchain network. As the usages of enterprise applications grow, through the flexibility of cloud, computing resources can be expanded and adjusted as needed. Amazon Managed Blockchain will also manage your credentials by combining with AWS KMS, which greatly improves its security. The following is the process of building a blockchain network using Amazon Managed Blockchain:
2. Amazon Quantum Ledger Database (QLDB)
In past scenarios, building general ledger by using traditional database services will be limited by hardware resources, difficulty to manage and expand, prone to errors, and difficulty to verify. Amazon QLDB is a fully managed general ledger database that provides transparent, immutable and cryptographically verified transaction logs, which are owned by a centralized and trusted authorized unit, and can solve problems caused by past situations. Amazon QLDB is a serverless service that can automatically expand according to application needs and is only paid on demand.
Blockchain Applications that Nextlink can do for Industrial Customers
In fact, the application scope of blockchain is not only used in FinTech, but other industries such as art & media, manufacturing, entertainment, medical care, public sector, and other industries, who have also applied this technology. What companies value is its decentralization and immutable characteristics. Nextlink has organized the application scenarios of blockchain in the market as follows:
Retailers usually hope to enhance customer loyalty through cooperation with other manufacturers and banks to provide transaction rewards in a wide range of partner networks. If the central agency is used as an intermediary, it usually takes a week. However, through blockchain, retailers can quickly and transparently share and verify reward information without the need for a central agency to process transaction rewards between retailers.
In 2018, the IOTA Foundation cooperated with Taipei City Government to establish a digital card for Taipei citizens through blockchain and apply it to personal identification, digital voting, and smart cities.
Enterprises can use blockchain in the supply chain network to improve transparency and record and track the flow of commodities in a timely manner. For example, jewelry stores often need to track the source of gemstones to ensure their authenticity and value. Each supplier or distributor can be a member of the blockchain network, maintaining its own decentralized ledger, and independently track all information related to the movement of goods, such as time, port of entry, and number of goods received.
Personal health records are encoded and stored on blockchain through a private key, which only has personal access rights. The receipt of the operation and the physician’s certificate can be stored in blockchain, and the certificate is automatically delivered to the insurance company. Ledgers can also be used for routine healthcare management, such as drug monitoring, compliance review, test results, and management of healthcare supplies.
Media & Art
The media & art industry makes money by making art pieces, and ownership and intellectual property rights are often problems that are easily overlooked. Blockchain and smart contract technology can solve this problem by creating a comprehensive and accurate decentralized intellectual property rights database. At the same time, the ledger will provide proof of the author’s royalties after the consumer purchases, and the consumer will pay in virtual currency according to the terms specified in the contract.