This is the real story (while the NYTimes focuses on the mostly-irrelevant debate about whether Craig Wright is the real inventor of bitcoin) -- Amazon Web Services announces Monday that it will collaborate with New York City-based Digital Currency Group, one of the biggest investors in blockchain firms, to provide such a service so the blockchain providers in DCG's portfolio can work in a secure environment with clients who include financial institutions, insurance companies and enterprise technology companies.

A blockchain -- often called a distributed ledger -- is essentially a tamper-proof ledger, copies of which are held on multiple computers, that enables transactions to occur securely and quickly. It promises to make financial services more efficient, as well as cut costs and potentially shrink the industry as the software conducts functions currently executed by middlemen.


The AWS announcement comes on the heels of a partnership between Microsoft and R3CEV, a consortium of 44 banks working to create standards for distributed ledger technology, for Microsoft to offer "blockchain as a service" via the cloud. IBM, which also offers a cloud-based blockchain, Friday released a framework for running blockchain networks securely, enabling enterprise players in industries such as financial services, healthcare and government conduct work on a blockchain while remaining compliant with relevant data security regulations.

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