Amazon Thinks to Use Bitcoin in Data Marketplace - Coindoo

Amazon Thinks to Use Bitcoin in Data Marketplace

Editorial Team Avatar
Apr 18, 2018
2 min reading time

The giant Amazon sees a lot of opportunities in adopting cryptocurrency. The company has been endorsed with a patent that aims to improve the customer service.

The patent was entitled “Streaming data marketplace” and published on 17th April 2018 by the US Patent and Trademark Office.

The document refers to designing a network that allows individuals and organizations to put up for sale their data feeds. The patent owner is the subsidiary giant Amazon Technologies. Additionally, the patent describes the options due to which developers can customize information, generate alerts and decisions in real-time.

According to the patent, there are several situations where the proposed system can be used, consisting of “web site click-streams, marketing and financial information, manufacturing instrumentation and social media, operational logs, metering data and so forth”.

Because, in the opinion of the Amazon’s team, the individual data streams may not look properly used independently, using cryptocurrency such as Bitcoin, for example, may solve the problem.

For example, a group of electronic or internet retailers who accept bitcoin transactions may have a shipping address that may correlate with the bitcoin address. The electronic retailers may combine the shipping address with the bitcoin transaction data to create correlated data and republish the combined data as a combined data stream,” the patent describes.

Amazon may appeal to law enforcement

Also, the filing refers to a potential creation of a law enforcement agency, which “may be a customer and may desire to receive global bitcoin transactions, correlated by country, with ISP data to determine source IP addresses and shipping addresses that correlate to bitcoin addresses”.

Once the patent was approved by the USPTO, Amazon has the green light to design the planned marketplace, thus creating a competitive environment for startups that want to grow on the same segment.

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