Title

AWS re:Invent 2023 - Unlocking scalable digital asset custody applications on AWS (BLC103)

Summary

Forrest Collier from AWS introduces the session and highlights Amazon Managed Blockchain's ability to simplify building blockchain applications.
Gustavo from Itaú Bank discusses the bank's journey into blockchain and digital asset custody, leveraging AWS services.
Itaú, the largest bank in Latin America, has been exploring blockchain since 2016 and started working on crypto custody solutions following regulatory changes in 2021.
The bank's main concerns with blockchain infrastructure include regulatory compliance, security, data encryption, and key management.
Itaú is involved in various blockchain projects, including a Central Bank Digital Currency (CBDC) called Drex, and is working with AWS to build their crypto custody solution.
The solution involves creating secure wallets using AWS Nitro Enclaves and Key Management Service (KMS), monitoring transactions with a block listener, and managing withdrawals through Nitro Enclaves.
Gustavo discusses the importance of infrastructure for the crypto market and the challenges banks face in managing blockchain infrastructure.
Amazon Managed Blockchain (AMB) has been instrumental for Itaú in connecting to public networks while maintaining compliance and security.

Itaú Bank's approach to digital asset custody is cautious and regulated, focusing on creating a secure infrastructure for the market.
AWS Nitro Enclaves play a critical role in Itaú's solution by providing a secure, isolated environment for processing sensitive data.
The bank's use of AWS services like AMB and KMS indicates a trend towards cloud-based solutions for managing blockchain applications in the financial sector.
The integration of compliance and security measures into Itaú's blockchain infrastructure reflects the importance of regulatory adherence in the financial industry.
Itaú's involvement in CBDCs and the recent regulatory changes in Latin America suggest a growing acceptance and institutional interest in digital assets in the region.