Amazon Technologies Acquires Patent For Potential Cryptocurrency Marketplace

in news •  11 months ago

The U.S. Patent and Trademark Office on Tuesday approved  subsidiary company Amazon Technologies, September 2014 filing for a  patent that can correlate different data streams and sell the combined  feed in a marketplace including Bitcoin transactions, CNBC reported

According to documents  filed with the US Patent and Trademark Office (USPTO), a subsidiary of  the Seattle-based tech giant has obtained a patent for a data streaming  marketplace that allows users to sell or subscribe to streaming data  feeds that transfer information in real-time. 

Amazon theorizes the proposed data marketplace has a wide range of  applications, as users would be able to combine individual data streams  to create “real-time dashboards” that “respond to changes in the  streaming data in seconds, at any scale.” 

The filing further stated, “a data stream that publishes or includes  global bitcoin transactions (or any cryptocurrency transaction).” 

In one potential use-case, the patent authors explain that retailers  could combine shipping information with cryptocurrency transaction data,  to help authorities identify individual transactions and ensure that  they are paying all applicable taxes. 

 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. A group of  telecommunications providers may subscribe downstream to the combined  data stream and be able to correlate the IP (Internet Protocol)  addresses of the transactions to countries of origin. Government  agencies may be able to subscribe downstream and correlate tax  transaction data to help identify transaction participants. 

In another related use case, Amazon envisions a law enforcement agency  subscribing to a cryptocurrency transaction data feed and then paying an  a la carte fee to analyze that data using an application from the platform’s analysis module. 

 For example, a law enforcement agency 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. The agency may not want additional  available enhancements such as local bank data records. The streaming  data marketplace may price this desired data out per GB (gigabyte), for  example, and the agency can start running analytics on the desired data  using the analysis module. 

According to Bloomberg, Amazon  Technologies is “engaged in the provision of services for engineering  projects, and environmental feasibility and techno-economic studies. It  is also engaged in the import, export, development, installation, and  maintenance of software/computer and logistics systems.” 

Bitcoin is currently trading at [FIAT: $8,202.74] according to Coin Market Cap at the time of this report. 

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