When the effect of institutional money on the crypto market is discussed, Amazon should now be on the top of the list of relevant players. Late yesterday, Amazon Web Services finally officially revealed what its’ first use case for the blockchain will be, in detail. The answer likely wont surprise those who are familiar with how the technology titan makes most of its’ money in its’ b2b wing.
Reportedly, Amazon will be offering a service called the “Amazon Managed Blockchain,” which is, for now, a way for existing partners to easily develop and launch networks to improve their control and overall monitoring of their supply chains.
Though this was announced yesterday, more information has come to light since then in the form of a CoinDesk article on the subject. Firstly, the partners who have already signed up to use the service are by no means insignificant institutions. They include: AT&T, Nestle, Accenture, and MOBI, which contains a few very-well known car companies.
According to CoinDesk, Nestle has already revealed why Amazon’s new solution holds meaningful value for large-scale enterprises. Using the Hyperledger Fabric framework that was largely developed by IBM, companies with a wide array of supply-chain partners can sign them up to the same network to create a fully-transparent supply chain for what is likely the first time in history.
With this in mind, it appears clear that Amazon’s Blockchain as a Service actually gives unique value to the consumer as well. Imagine finally being able to track food and drink from their initial suppliers to your house. Given that the service will probably include the Ethereum network by the end of this year, we just might see a sustainable jump in the value of Ether due to Amazon’s work, as well. Because this company is already so powerful and has so many resources at its’ disposal, the possible effects on the greater crypto market are almost endless.
By: BGN Editorial Staff