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Blockchain Press Release

Amazon gets data marketplace patent to stream cryptocurrency data

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A patent has been awarded to Amazon that would allow it to stream data from various exchanges and allow users and subscribers to receive real-time data of prices and transactions. This is considered Amazon’s new game plan in the cryptocurrency industry.

The patent has been awarded under the aegis of Amazon Technologies, Inc., a subsidiary of the e-commerce behemoth, Amazon, where it is stated that the company would be launching an application of real-time cryptocurrency data. The patent describes an arrangement in which people and establishments can put continuous streaming data feeds up for sale, to which customers can then subscribe.

Adding on to this, the company’s official filing also states that designers and developers could “build real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions.”

Amazon’s official filings mentions a number of potential use cases for the marketplace which would include but wouldn’t be limited to web site click-streams, marketing, promotion and financial information, manufacturing instrumentation and social media, operational logs, metering data and many more – yet it includes one notable use case focused on the cryptocurrency market.

The background of the patent explains how a snowballing number of network service providers such as cloud computing across the globe were looking for newer ways to manage large portions of data and large-scale computing powers.

It claims that individual data streams may not be so valuable on their own, using bitcoin and cryptocurrency transaction data as an example. Yet by combining this data with information from additional sources, “the data stream may become more valuable.”

All this if goes according to what the patent states would bring in a revolution in retail and customer interaction as it would co-relate various raw data with other useful information.  The patent also states:

“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 filing also mentions the marketplace’s potential plea to law implementation.” 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,” Amazon wrote. “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.”

If Amazon decides to build the marketplace out, the centralized offering could pose a competitive threat to startups who are building similar yet more decentralized marketplaces.

Founder and CEO of Streamer, Henri Pihkala in an email to Coindesk explained what Amazon latest patent is meant for startups like his which are working towards similar data marketplaces. The same was quoted on one of the posts on Reddit mentioned that statement of Henri Pihkala, CEO of Streamr – one of the startups in question – “data marketplaces aren’t a new idea,” but that “what is novel, is creating a space that finally gives users ultimate control over the data they create through their actions in the digital realm.”

“If that’s Amazon’s ultimate vision, then bravo, but something might suggest it’s not in the company’s DNA to think like that,” he added.

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