Blockchain software company and the Ethereum development studio ConsenSys is entering into an association with computer semiconductor producer AMD and Abu-Dhabi-based investment management firm Halo Holdings to develop a new cloud computing infrastructure based on blockchain technology.
ConsenSys announced this association in a press release which was published on January 4.
It announced that it was working with AMD and Halo Holdings to produce the so-called W3BCLOUD, a cloud computing architecture supported by the manufacturer’s computing hardware made specifically for supporting decentralized applications.
Both AMD and ConsenSys have gone through a bad phase in the recent crypto bear market of 2018. On one AMD, saw its stock losing ground up to 40% in the past four months while on the other hand, ConsenSys has made a major employee cut and downsizing.
This new partnership could help put some life back into the two companies before crypto markets start to recover.
As per the release, W3BCLOUD would become “the first” independent cloud computing blockchain substructure which would meet the needs of both the public and private sector.
Joseph Lubin, the founder of ConsenSys, who is also the co-founder of Ethereum, stated that “Bolstering the compute power of blockchain networks with AMD’s leading-edge technology will be of great benefit to the scalable adoption of emerging decentralized systems around the globe. The combination of hardware and software will power a new infrastructure layer and enable an accelerated proliferation of blockchain technologies.”
ConsenSys shall provide its expertise in the field of blockchain transactions with regards to security issues, how the transactions need to be processed and use cases for the technology. Whereas, as mentioned by Jerog Roskowetz, AMD’s director of product management for blockchain technology, AMD would provide ConsenSys with access to “high-performance hardware technologies capable of better scaling and proliferating decentralized networks and services.”
Joerg Roskowetz also mentioned that the product would be designed to “tackle challenges ranging from smart identity, enterprise data centers, and health ID tracking, to licensing and supply chain management.”
He further added that “We are excited to work with Consensys and provide them with access to high-performance hardware technologies capable of better scaling and proliferating decentralized networks and services to meet the growing interest from large corporations and governments looking to tackle challenges ranging from smart identity, enterprise data centers and health ID tracking, to licensing and supply chain management,”
ConcenSys had in the last month signed a Memorandum of Understanding with South Korean technological holding SK Group.
Earlier in November, AMD entered into a partnership with seven major tech companies to produce eight new cryptocurrency mining rigs. AMD had mentioned that these partnerships would provide better and updated “blockchain compute solutions” to the market, which will be made particularly to meet the requirements of “innovative blockchain platforms.”