has become one of the main solutions offered by the blockchain Technology. The Hyperledger is a global collaboration with the promise of developing cross-industry technologies, it is an initiative backed by the Linux Foundation. It is a technological platform vouched by experts and decision-makers from various banking institutions, manufacturers, techpreneurs, and supply chain professionals.
One of the world’s leading retail outlet Amazon has recently launched its Blockchain framework for Ethereum (ETH) and Hyperledger Fabric under the Amazon Web Services (AWS) cloud platform. The new technology would allow clients to build and manage their own blockchain-powered applications (DAPPS) via the AWS CloudFormation Templates tool to avoid the time-consuming manual setup of their Blockchain network. Amazon revealed this information in an official .
The new AWS Blockchain Templates would provide customers the ability to implement safe and secure blockchain networks using the open source frameworks speedily. Thanks to the immutability nature of the blockchain technology, it makes it possible to build an application where more than one person can record transaction without the need for a central regulatory body.
Last year December 6th, Amazon signed an agreement with R3 DLT consortium to build the Corda platform which became the first blockchain powered platform on the Amazon Web services. “With AWS Blockchain Templates, you can deploy Ethereum and Hyperledger Fabric frameworks using managed and certified AWS CloudFormation templates. AWS Blockchain Templates allow you to focus on building your blockchain applications instead of spending time and energy on the manual setup of your blockchain network,” the blog post disclosed.
One reason for the development on the Hyperledger blockchain is simple is for in auditing. If, for example, a manufacturer is claiming that it is incurring losses due to sales lost to the counterfeiters, and they needed to prove that not all of their goods got sold due to the proliferation of fake branded items in the open, then the blockchain will show which items are still in the inventory or in-line stores in malls.
The ability to track down items sold in the market from the wholesaler, retailer to the end consumer means knowing which income is taxable and which end consumers are in danger of getting penalized for patronizing fake items.