Amazon Web Services Chief Executive Officer Andy Jassy has unveiled Amazon Managed Blockchain which will underpin blockchain networks that log millions of transactions. The company spent the past year studying the needs of customers interested in blockchain solutions before creating the new products.

The service can be used to manage peer-to-peer payments, process loans and help businesses transact with distributors and suppliers, Jassy said. AWS announced a string of other new or updated cloud offerings, seeking to maintain its lead in the market for Internet-based computing.

The company announced a new service called Amazon Quantum Ledger Database or QLDB, which is a fully managed ledger database with a central trusted authority. The service, which is launching into preview today, offers an append-only, immutable journal that tracks the history of all changes, Amazon said. And all the changes are cryptographically chained and verifiable.