Amazon obtains Patent for Data Marketplace that can benefit Cryptocurrency Transactions

Amazon obtains a patent for a data marketplace that can benefit cryptocurrency transactions

The United States Trademark and Patent Office (USTPO) has released a new patent award, this time featuring blockchain innovation by e-commerce giants Amazon Inc. Amazon Technologies, a subsidiary of Amazon on Tuesday Apr.17 obtained the patent for a “streaming data marketplace” where users can receive cryptocurrency transaction data in real time.

According to the patent description, Amazon’s system will allow individuals and organizations list feed of their streaming data for users to subscribe to for a fee. As part of the features, it “may [also] enable developers to build real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions.”

In a detailed description, the system is positioned as a tool to correlate and combine data such that the data streams become more valuable to third parties like other businesses, or even the government. Standing alone, the individual data entities may have less value until correlated, the patent describes.

The applications of the new system were listed to include web site click-streams, marketing and financial information, manufacturing instrumentation and social media, operational logs, metering data, cryptocurrency market analytics and more. A case of cryptocurrency transaction was illustrated:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”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.”[/perfectpullquote]

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. “Data marketplaces aren’t a new idea […] 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,” he wrote. He was doubtful that Amazon would favor a more decentralized approach like Steamer. “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 said.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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