Former JP Morgan Developers Launch AWS Blockchain Service to Rival Tech Giants IBM, R3
According to a Fortune report published on January 23, 2019, blockchain-based startup, Kadena has released a new free-to-use version of the technology on Amazon Web Services (AWS). Reportedly, this new version of blockchain is completely tamper-proof and can run across multiple computer systems.
Kadena to Offer Superior Blockchain Alternative
Blockchain technology has set the Silicon Valley buzzing with talks about its immense potential.
The technology finds use cases in fields like equity trading, bank transactions, and cross-border remittances, among other things. However, one of the downsides which plague the technology has been its scalability. Although DLT provides the benefits of decentralization, transparency, and efficiency, it dwarfs in front of legacy payment systems like SWIFT with regard to the number of transactions processed.
However, this could change according to the folks behind ScalableBFT. Founded by JP Morgan alums in 2016, ScalabeBFT claims their version of blockchain is superior to the alternatives provided by IBM and others.
Stuart Popejoy, the co-founder of ScalabeBFT, told Fortune that existing versions of private blockchains suffer from a number of fallacies, including their slow processing speed when the number of participating users on the server exceeds 20. This flaw runs opposite to one of the key characteristics of blockchain technology which allows multiple users to view and maintain data in a shared database in real-time.
“With blockchain technology adoption increasing across many industries, from the government to healthcare to insurance, businesses need the right tools to address security and scalability.”
The startup claims that two Fortune 100 companies are already using their blockchain offering in the health and insurance industry. However, due to client confidentiality obligations, the firm declined to name their clients.
Notably, smaller projects with limited financial resources can use Kadena on AWS for zero fees. Popejoy, however, noted that the firm intends to charge larger corporations for using its DLT-based applications and tools. He further stated that Kadena is in talks with Microsoft to make the offering available on the latter’s Azure cloud.
Kadena Stacked Against IBM and R3
IBM has already made giant strides in the blockchain industry. BTCManager reported on December 14, 2018, how the company is developing DLT-based solutions to transform India’s gargantuan telecom sector. The American MNC has also deployed the emerging technology for scientific research purposes.