Amazon Web Services unveils Managed Blockchain Service

Amazon Web Services unveils Managed Blockchain Service
May 2, 2019

 

The cryptocurrency market continues to stay in a bearish mode. However, Bitcoin (BTC) has made a small gain of 0.3% in the past 24 hours to trade at $5,350 levels. Similarly, Binance coin (BNB), the native token of the crypto exchange Binance which recently launched its own mainnet, has gained 0.9% to trade at $21.74. Another interesting aspect is that privacy-focused cryptocurrencies have made decent gains in the past 24 hours. While Monero (XMR) has gained 3.8% to trade at $64.75, Dash has rallied 4.3% to trade at $115.76 levels. Other major altcoins have lost between 0.2% and 3% in the last 24 hours. This includes Ripple (XRP-$0.3013, -1.3%), EOS (EOS-$4.71, -1.2%), Stellar (XLM-$1.1008, -0.2%), TRON (TRX-$0.0235, -1.7%), Cardano (ADA-$0.0679, -1.4%), MIOTA (IOTA-$0.2907, -2%), Bitcoin Cash ($267.69, -0.3%) and Litecoin (LTC-$72.74, -0.5%).

 

Government level initiatives

FCA allows 3 blockchain-based startups to trial in its regulatory sandbox

The UK Financial Conduct Authority (FCA) has permitted three blockchain-based startups to participate in the latest trial of its regulatory sandbox. Diro Labs is among the FCA’s blockchain-powered companies chosen for “short-term and small-scale” testing.  According to the watchdog, the tech company uses a “central blockchain-based information store” to confirm identities and records from primary sources online.

In the meantime, Fintech Delivery Panel Partners was given approval to trial a “decentralized digital identity platform using verification of machine-learning identity and blockchain-based key management.”

Thirdly, Nuggets, an e-commerce payments and identity platform, aims to trial the “safe blockchain storage of personal and payment data and use of this data to access financial services products.” The watchdog said it obtained as many as 99 applications to participate in the fifth trial of its sandbox from technology companies having operations both in the UK and overseas.

The regulator further details in the press release as follows: “Examples of propositions that have been accepted include digital identity solutions, platforms which tokenize issuance of financial instruments, and services aimed at facilitating greater access to financial services for vulnerable consumers.”

 

Private sector initiatives

Amazon Managed Blockchain is introduced

Amazon Web Services (AWS), e-commerce behemoth Amazon’s cloud computing division, has introduced Amazon Managed Blockchain (AMB) that will supposedly permit clients to establish blockchain systems within their institutions. AMB utilizes Ethereum and Hyperledger open source architectures.

Amazon says that AMB can be ramped up to handle thousands to millions of transactions. Amazon states that the blockchain-as-a-service (BaaS) will permit companies to build their native networks faster and at a cheaper cost, eliminating the need to “provide hardware, install software, create and manage access control certificates, and configure network settings.”

Regarding the service, Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS said: “Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network.”

 

Tencent joins hands with Waterdrop

Chinese internet company Tencent has joined hands with a domestic insurer to build new blockchain remedies. Waterdrop, which has carved a name for itself in China’s fast-growing crowdfunded health insurance sector, will capitalize on Tencent’s established network and ground expertise to develop unspecified blockchain tools. The initiative follows the successful completion of Waterdrop’s Series B fundraising event in March to collect 500 million yuan ($74.2 million), during which Tencent headed the event. Currently, the firm requires fresh funding and seeks a market value of at least $1bn.

Waterdrop founder and CEO Shen Peng has the following to say regarding the use of raised funds: “The company will spend the money on automating reimbursements and developing blockchain technology with Tencent.”

Crowdfunded medical insurance functions on the basis of customers donating to others’ vital needs, with networks structured to limit payments to around 300,000 yuan ($ 44,500). Through its Xiang Hu Bao offering, Tencent, fellow internet powerhouse and Alipay owner, Ant Financial, are already involved in the industry. The rival aims to get 300 million Chinese residents as clients by 2021.

 

SecureKey Technologies to build blockchain-powered user id system for Canadian banks

Five Canadian banks are planning to deploy a blockchain-powered user identification system built by software company SecureKey Technologies. The report states that the Verified.Me digital identity system can be accessed by clients of the Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Desjardins Group, and Toronto-Dominion Bank. In the near future, the facility will be offered to customers of the Bank of Montreal and National Bank of Canada. Notably, Sun Life Financial will supposedly be the initial North American insurer to utilize the system.

SecureKey CEO Greg has stated that he anticipates the facility to be used by clients by the end of 2019 to validate their identity to open and gain access to bank accounts and government services.

Regarding the benefits of using blockchain, Wolfond said: “They’re going to be able to share their data in a secure and trusted way, which they never really could before.”

The unique identification system is supposedly one among the several initiatives taken to establish open banking, which involves allowing consumers to share their financial info with other enterprises, as demanded by the Canadian Bankers Association.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Janine

Janine

Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be


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