Title

AWS re:Invent 2022 - Hear from customers: Private blockchain success stories (BLC202)

Summary

John Liu, head of product for AWS Web3 and blockchain services, discusses the need for private blockchains in enterprise-grade workloads due to security, compliance, scalability, and cryptocurrency handling issues.
Private blockchains are essential for multi-party workflows, especially in supply chain management, financial industries, and government applications.
Success stories include Korean Air's vaccine cold chain management and Broadridge's private investment hub solution.
Private blockchains offer restricted permissions, gasless transactions, and are suitable for entities with equal rights and responsibilities.
AWS Managed Blockchain supports Hyperledger Fabric and Ethereum, providing a fully managed service with integration to other AWS services.
Korean Air implemented a Hyperledger Fabric network to manage vaccine shipments, improving real-time data sharing among participants.
Broadridge developed a private equity market hub using blockchain to improve efficiency, transparency, and accuracy in fund administration.
Best practices for private blockchain implementation include considering social scalability, thoughtful data modeling, permission management, and taking incremental steps.
Challenges include technical complexity, getting competitors to join the network, consensus on maintaining technology and business logic, and long-term investment.

Private blockchains are still relevant despite public blockchain innovations due to their suitability for regulated and compliant enterprise environments.
AWS Managed Blockchain simplifies the integration of blockchain technology with existing AWS services, reducing the complexity and time to market for customers.
The use of blockchain in supply chain management, such as Korean Air's case, demonstrates the technology's potential to solve real-world problems like vaccine wastage during transit.
Broadridge's architecture highlights the importance of API-first solutions and the need to address data locality, encryption, and cross-region considerations in blockchain applications.
The establishment of a blockchain center of excellence is crucial for organizations to stay abreast of industry developments, conduct POCs, and successfully implement blockchain solutions.
The session emphasizes the importance of collaboration between AWS and its customers to overcome the challenges of adopting blockchain technology in enterprise settings.