Explain the features of Amazon Managed Blockchain

In this recipe, we will learn about Amazon Managed Blockchain. We will also learn about the features of Amazon Managed Blockchain.

Recipe Objective - Explain the features of Amazon Managed Blockchain?

The Amazon Managed Blockchain is a widely used service and is defined as a fully managed service that makes it easy to join public networks or create and manage scalable private networks. With blockchain, multiple parties can execute transactions without the need for a trusted central authority. Building a scalable blockchain network today using existing technologies is difficult to set up and maintain. Each network member must manually provision hardware, install software, create and manage access control certificates, and configure networking components to create a blockchain network. Once the blockchain network is up and running, users must constantly monitor the infrastructure and adapt to changes, such as increased transaction requests or the addition of new members. With just a few clicks, users can join public networks or set up and manage scalable private networks with Amazon Managed Blockchain, a fully managed service. Amazon Managed Blockchain eliminates the time and effort required to set up a network or join one that is already in use, and it scales automatically to meet the needs of thousands of applications processing millions of transactions. Managed Blockchain makes it simple to manage and maintain your blockchain network once it's up and running. It keeps track of your certificates and makes it simple to add new members to the network.

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Benefits of Amazon Managed Blockchain

  • With Amazon Managed Blockchain, users can quickly create blockchain networks that span multiple AWS accounts with Amazon Managed Blockchain, allowing a group of members to execute transactions and share data without the need for a central authority. Unlike self-hosting the blockchain infrastructure, Amazon Managed Blockchain eliminates the need for manual hardware provisioning, software configuration, and networking and security configuration. Network participants can vote to add or remove members using Managed Blockchain's voting API. Managed Blockchain allows a new member to launch and configure multiple blockchain peer nodes to process transaction requests and store a copy of the ledger once they are added. Managed Blockchain also keeps an eye on the network and replaces nodes that aren't performing well thus it's fully managed. Amazon As the number of applications on the network grows, Managed Blockchain can easily scale the blockchain network. When a network member needs more capacity for creating and validating transactions, they can use Managed Blockchain's APIs to quickly add a new peer node. Managed Blockchain offers a variety of instance types with varying combinations of CPU and memory, giving you the freedom to select the best resource mix for their workload. Additionally, Managed Blockchain uses AWS Key Management Service (KMS) technology to secure its network's certificates, removing the need for users to set up their secure key storage and thus it's scalable and secure. The "ordering service," a component of the Hyperledger Fabric framework that ensures transaction delivery across the blockchain network, is more reliable with Amazon Managed Blockchain. The default ordering service in Hyperledger Fabric does not save a complete transaction history, making it difficult to keep track of and recover transaction history when needed. The ordering service from Managed Blockchain is built on Amazon QLDB technology and has an immutable change log that accurately maintains the complete history of all transactions in the blockchain network, ensuring that users can save this information for the long term and thus provides reliability.

System Requirements

  • Any Operating System(Mac, Windows, Linux)

This recipe explains Amazon Managed Blockchain and the Features of Amazon Managed Blockchain.

Features of Amazon Managed Blockchain

    • It provides a fully managed service

It's simple to get started with Amazon Managed Blockchain—you can set up a blockchain network in minutes without any additional setup. Then, using the AWS Management Console, configure your network membership and launch blockchain peer nodes. Users can invite other AWS accounts to join the blockchain network, or you can create new members in their AWS account to create a test network.

    • It provides choices in the framework

The Amazon Managed Blockchain supports Hyperledger Fabric, a Linux Foundation open source blockchain framework that allows users to write blockchain applications and provides access control and permissions for data on the blockchain, as well as Ethereum, a decentralised blockchain framework that creates a peer-to-peer network that securely executes and verifies application code, known as smart contracts. It allows users to quickly set up a private blockchain network and restrict which transactions each party can see.

    • It provides scalability and security

Users can easily invite other entities to join the user's Amazon Managed Blockchain network after it has been created. Each new member of the blockchain network configures peer nodes that provide compute, storage, and memory to execute decentralised applications and maintain a copy of the ledger after accepting the invitation and setting up a membership. When scaling an application, adding peer nodes can help speed up transaction processing. Managed Blockchain provides APIs that allow users to quickly create new nodes to meet your application's changing needs. Additionally, Managed Blockchain offers three instance families—bc.t3, bc.m5, and bc.c5—each with a different combination of CPU and memory, allowing users to select the best resource mix for their workload.

    • It provides Reliability

The default ordering service in Hyperledger Fabric can use Apache Kafka to support transaction communication across the network. While Kafka fulfils the requirement for a messaging platform that can deliver the transactions sequentially across the network, it is not designed to store a complete history of transactional data, making it difficult to recover historical transactions in the event of a failure. The ordering service from Amazon Managed Blockchain is built on Amazon QLDB technology, which has an immutable change log and keeps track of all uncommitted transactions in the blockchain network, making it more durable.

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