Amazon Web Services (AWS), the cloud computing unit of e-commerce company Amazon, aims to attract the first billion blockchain users by making the process easier and more user-friendly, allowing developers to build products and services based on the secure and open-source platform.
AWS said to offer purpose-built tools, such as a centralized ledger database that keeps an immutable and cryptographically verifiable record of transactions or a multi-party, fully managed blockchain network that eliminates the intermediaries.
According to Markets & Markets research, the global blockchain market is expected to grow at a compound annual rate of 67.3 percent from $3 billion in 2020 to $39.7 billion in 2025. The expansion of this industry will be fueled by a growing demand for business process simplification and supply chain management systems that include blockchain technology.
“The thing to keep in mind is that we are the early users and we are very comfortable with the technicalities. But the experience has improved and more people are putting in the effort to learn and invest in blockchain. There’s way too much for the user to have to learn. Too many steps and lots of room for error. In each one of these steps, the user can lose their assets. Back in 2017, you could only do the steps on a desktop, but now wallets and apps are available that have rich interfaces.”
The blockchain industry has come a long way since the “dark days of 2017,” with the level of user interface and experience significantly improved. Currently, there are numerous steps that users have to go through and a simplified and well-defined process will help them get into the blockchain game more easily, Mr. Baizel said.
AWS has become an essential part of Amazon’s business strategy. During the second quarter of this year, it brought in a record $14.8 billion in net sales, accounting for just over 13 percent of Amazon’s total net sales. AWS has been gradually growing in the 30 percent range in recent quarters and rivals the biggest players in the industry, including Microsoft’s Azure platform.