Blockchains are permeating an interesting trajectory with new partnerships and innovations. Along with that have been both positive and negative sentiments about the blockchain ecosystem. We have seen all these kinds of enterprise blockchain startups crop up. Meanwhile, several technologists are against the idea of decentralization of blockchains. Especially given that a couple of organizations are excited to have centralized, yet cryptographically immutable and transparent transactions. One such enterprise-level blockchain technology that tackles this issue is the Amazon Web Services Quantum Ledger Database (QLDB).
Amazon Web Services: Immutability and Transparency Vs Decentralization
It is worth noting the Amazon Web Services (AWS ) introduced the concept back in 2018 at the AWS RE: Invent 2018. The technology aimed to provide blockchain solutions to enterprises that wanted to deploy immutability, without the need for decentralization.
There are several financial services that require centralized digital assets. For instance the deployment of stablecoins by central banks. A good case is the issuance of digital assets on the Australian Stock Exchange (ASX)-; Which requires a centralized body to manage and track transactions. Therefore eliminating the need for a public ledger and yet introducing the need for a digitally tracked asset. However such systems present a sort of complexity in their design. A set of requirements to outshine better incentives by online payment systems such as PayPal, outweighs the realm of central banks.
Australian Stock Exchange (ASX) and Digital Asset Mark-up Language
Back to the Australian Stock Exchange Case. The platform holds a golden copy for data clearing and settlement. Hence eliminating any requirements for consensus-based blockchain. In the long run, these organizations deploy their solutions through the Digital Asset Mark-up Language (DAML). DAML is an open-source smart contracting functional language. Behind this fundamental came the need to drive immutable and programmable smart contracts; without the complications of decentralized blockchain networks.
DAML solved that particular problem exceptionally well. The smart contract programming language ensured that businesses could now focus on scaling the application and project; while the language heavy lifted aspects of cryptography and management of distributed states. Meanwhile, Amazon Web Services and DAML brought about the possibilities of practically applying the best of two worlds. In fact, a partnership with Blockchain Technology Partners (BTP) ecosystem Sextant for DAML saw the rise of auditable and secure centralized ledgers.
Append-only Sequences for DAML
Additionally, the Amazon Quantum Ledger Database ensured cryptographically bound storage In this case being append-only sequences of the Digital Assets smart contract language. As a result, system engineers could leverage Amazon’s cloud-based QLDB and its immutable storage; while paying more attention to DAML’s application logic.
The need to easily deploy and manage consensus-driven blockchains has never been this high. Practical applications of the blockchain have grown beyond financial services, B2B companies, healthcare, and supply chain. Resulting in an increase in the deployment of blockchain enterprise technology. The rise and rise of Amazon Web Services are saving hundreds of companies extrajudicial costs in the governance of blockchain data. In fact, enterprises can now market their services much faster without a lot of operational overheads.