Singapore Exchange To Move Blockchain Platform To Amazon Web Services

Blockchain, News | May 2, 2019 By:

Singapore Exchange Limited (SGX) will be the first organization to deploy Amazon Web Services’s Managed Blockchain network, a fully managed service designed to create and manage scalable blockchain networks.

SGX, a member of the World Federation of Exchanges, is an investment holding company located in Singapore and provides different services related to securities and derivatives trading and others. It has been collaborating with Singapore’s central bank on Project Ubin, an initiative to see how blockchain can be used for the clearing and settlement of payments and securities, specifically the use of a tokenized form of the Singapore dollar on a distributed ledger.

Amazon Web Services recently launched its Managed Blockchain service for wider use among enterprise clients. The service 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. It allows customers to 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.

Andrew Koay, head of Blockchain Technology at SGX, said that they see blockchain technology as a way to bring innovation to their distributed financial marketplace, and they have developed Delivery-versus-Payment (DvP) capabilities for the settlement of tokenized assets across different blockchain platforms.

“We are working with AWS to move our existing investments in Hyperledger Fabric to Amazon Managed Blockchain,” Koay said. “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.”