In North America, approximately 95% of adults over the age of 25 have a bank account. In the developing world, that number is only about 52%. Cryptocurrencies can provide a platform for millions of unbanked people in the world to achieve financial freedom on a more level financial playing field.
Electroneum, a cryptocurrency company located in England, built its cryptocurrency mobile back end on AWS and is using the power of blockchain to unlock the global digital economy for millions of people in the developing world.
Electroneum’s cryptocurrency mobile app allows Electroneum customers in developing countries to transfer ETNs (exchange-traded notes) and pay for goods using their smartphones. Listen in to the discussion between AWS Solutions Architect Toby Knight and Electroneum CTO Barry Last as they explain how the company built its solution. Electroneum’s app is a web application that uses a feedback loop between its web servers and AWS WAF (a web application firewall) to automatically block malicious actors. The system then uses Athena, with a gamified approach, to provide an additional layer of blocking to prevent DDoS attacks. Finally, Electroneum built a serverless, instant payments system using AWS API Gateway, AWS Lambda, and Amazon DynamoDB to help its customers avoid the usual delays in confirming cryptocurrency transactions.