Amazon Follows QTUM's Footsteps With Launch Of Its Deployable Blockchain
For cryptocurrencies and blockchain technology to stand the test of time, it is often argued that wide-spread adoption is the key to success — especially from within the corporate space. This sentiment has recently received a huge boost, with the announcement that the Chinese segment of Amazon Web Services (AWS) has recently agreed a partnership with blockchain project QTUM. For those unaware, AWS are by far the most dominant player in the cloud infrastructure services space, with recent figures reporting that the giant holds 33% of the sectors market share, dwarfing its nearest rival Microsoft that holds just 13%.
As per the official AWS website, the partnership is being coined as the Amazon Quantum Ledger Database, or simply QLDB. The concept behind the partnership is to allow AWS to transparently track application data changes, and subsequently, maintain activity via its fully managed ledger database.
Moreover, the QLBD platform will also allow its AWS users to easily build and execute smart contracts, which will be supported by an Amazon Machine Image. QTUM's chief information officer, Mike Palencia, explained that the partnership will also see them work alongside AWS in order to obtain ongoing feedback from their current customers to ascertain notable use cases for the future. Furthermore, for those that do not have their own developers onboard, the QLDB platform will also allow customers to receive support directly from the QLBD team.
Amazon choose QTUM as their blockchain partner of choice
Singapore based QTUM only launched their respective ICO in 2017, with the project raising the cryptocurrency equivalent to $15.6 million in just five days. Since then, the project has reached heights of just under $8 billion in market capitalization, which it achieved in January 2018. Although this figure has since retreated in correlation to the wider bearish cryptocurrency markets, the project is currently sat as the 33rd most valuable in terms of market capitalization.
QTUM’s underlying selling point is that they provide a much needed gap between two of the most popular blockchain protocols — Bitcoin and Ethereum. The former as the first and still de-facto cryptocurrency of choice, is primarily used as a digital form of money. On the other hand, Ethereum is the leading smart contract platform. By using the QTUM protocol, the benefits of both individual blockchains can be utilized via a singular hub.
Nevertheless, when rumors first broke of the partnership, the QTUM’s native cryptocurrency token spiked in value by more than 5%.
It is also worth noting that the team at QTUM has recently launched its QTUM Ambassador Program. In a nutshell, the program was installed to further accelerate the project’s offline exposure. With AWS already on the QTUM register, it will no doubt now be on the hunt for further real-world partnerships.
Adoption by global brands is key to blockchain adoption
In an industry that has suffered from negative press from a plethora of mainstream organizations over the past 12 months, the AWS and QTUM partnership will come as welcome news for blockchain advocates. For example, earlier in the year, Google, Facebook and Twitter all implemented a ban on crypto-related ads, with a direct focus on the promoting of ICOs and binary trading. However, with AWS now taking the blockchain plunge, it could potentially spur other industry tech-leaders to follow suit.
It is important to note that AWS are not the first major organization to utilize the blockchain protocol alongside their current systems. In an ever-growing partnership, IBM is currently using the Stellar blockchain to facilitate, clear and subsequently settle cross-border payments in certain regions. Moreover, it has also been reported that the tech-giant is looking to back a cryptocurrency stablecoin to further accelerate its Blockchain World Wire project.
Then the likes of Ripple, that aims to revolutionize the inter-banking cross-border payments industry, have already formed partnerships with over 100+ financial institutions.
The key reason that corporate adoption is crucial for the blockchain industry is that it gives the digital arena legitimacy. With the phenomenon yet to reach its first decade, those that are not familiar with the underlying principles of the technology often choose to stay away, citing fear and uncertainty as motivating reasons. However, should global leaders such as Amazon and IBM continue to express their appetite for a piece of the blockchain space, then it can only benefit the industry’s reputation in the long run.