Blockchain has been around for a while and has been taking the economic ecosystem by storm. While some institutions and organisations are still showing high scepticism, others, who have started seeing its value, potential and virtue, are going all in for it and adopting it. One of them is the retail giant, Amazon, who has integrated a Blockchain-as-a-Service (BaaS) offering into their technology.
Amazon now appeared to be taking the blockchain phenomenon more serious than ever. The company approach has involved a series of researches in ascertaining how well the technology will function if incorporated into their system, followed by entering some blockchain partnerships earlier this year, as reported by Investopedia. However, the company put to rest all doubts as it launched its BaaS a few days ago under the name Amazon Web Services (AWS) Blockchain templates. The business-to-business (B2B) system will put Amazon in direct competition with Oracle Corp (ORCL) and International Business Machines Corp (IBM), who had earlier incorporated the blockchain into their systems.
AWS blockchain is coming as an essential tool to customers and business on AWS platform alike. The company had hitherto been dominant in the industry and continued to stay relevant, though at a considerable price for users. Most customers tend to use a brand that remembers their preferences and recognises them, most retailers are beginning to look for alternatives, such as Shopin and Sandblock. According to Eran Eyal, CEO of blockchain-based customer intelligence firm Shopin, this is a ‘conundrum’.
“Amazon presents a conundrum: While also providing a huge platform for wide product distribution, logistical support and marketing, all of this comes at the expense of a personalised relationship between the brand and their customers”, he explained.
With the introduction of blockchain technology, a solution to this problem is proffered.
It would have been unreasonable of Amazon not to have embraced blockchain too if they are to remain unseated. Jumping on blockchain’s bandwagon is a necessity, as a number of their competitors had taken the risk and come out successful at it. For instance, Cisco has had a service online since late 2017, while Microsoft can boast of its blockchain. IBM’s Hyperledger has continued to roll out, brought in more partners and have equally expanded their horizon.