The Singapore Exchange is to port its investments in Hyperledger Fabric to Amazon Web Services as the big tech giant unveils its cloud-based Managed Blockchain network.
Amazon Managed Blockchain removes the complexities of creating scalable blockchain networks which typically require a big investment in hardware and software provisioning to build a robust infrastructure capable of supporting millions of transactions. With AWS, customers instead choose their preferred framework - Hyperledger Fabric is supported at launch with Ethereum support coming later this year - add network members, and configure the member nodes that process transaction requests. Amazon Managed Blockchain takes care of the rest, creating a blockchain network that can span multiple AWS accounts and configuring the software, security, and network settings.
“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralised authority. However, they find these frameworks difficult to install, configure, and manage,” says Rahul Pathak, general manager, Amazon Managed Blockchain at AWS. “Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”
The Singapore Exchange has been collaborating with the country's central bank on Project Ubin, a Monetary Authority of Singapore-led initiative to see how DLT can be used for the clearing and settlement of payments and securities, specifically the use of a tokenised form of the Singapore dollar on a distributed ledger. In November, the platform successfully demonstrated DvP capabilities for the settlement of tokenised assets across different blockchain platforms.
SGX head of blockchain technology Andrew Koay views the arrival of Amazon Managed Blockchain as an opportunity to remove some of the complexity in delivering a scalable platform for delivery to market participants.
"We are working with AWS to move our existing investments in Hyperledger Fabric to Amazon Managed Blockchain," says Koay. "Amazon Managed Blockchain offers businesses the opportunity to eliminate the heavy-lifting typically required in infrastructure setup. This allows us to focus on adding business value and not worry about managing or scaling the underlying platform.”