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Amazon Technologies and its blockchain patent

The giant Amazon has just achieved a patent related to the handling of bitcoin transaction data. Through Amazon Technologies they have been given authority to establish a transmission data market, which will allow users to view cryptocurrency transactions in real time.

Among the specific details granted to Amazon Technologies via patent, developers will be able to build dashboards in real time, create exceptions and generate alerts, generate recommendations and make other commercial decisions in real time. It also includes clicks on the website, financial and marketing information, manufacturing, instrumentation and social networks.

The patent also says:

“A group of electronic retailers accepting bitcoin transactions can have a shipping address that can be correlated with a bitcoin address.  Electronic retailers can combine the shipping address with bitcoin transaction data to create correlated data and republish the combined data “(quoted textual).

This brings a series of consequences that deserve to be mentioned. When the information is crossed, not only is the complete history of the transaction, the product, price, location, etc. shown, but it is implicit that the characteristic anonymity of the cryptocurrency transactions disappears. All this information packaged in the blockchain is the most useful for government agencies in terms of capital monitoring. No additional information will be required, since the data market can provide all the details of the transaction per gigabyte, for the examination of the government agency that needs such information, which will also remain immutable and accessible at all times.

amazon plans transaction data service

It should be noted that Amazon’s intention is to make this a subscription service for the interested parties to access the transaction data in real time. For the purposes of logistical services this type of information is valuable and is one of its possible applications. On its own, cryptocurrency data flows individually have almost no value. However, once the transactional data is combined with information from other sources such as the data of a purchase and shipment of a product, as well as the parties and the place where they are located, the enriched data sequence acquires value.

By obtaining this patent, Amazon ensures important spaces in a race for blockchain services that barely glimpses. The possible applications of this transaction information in cryptocurrencies in real time would still be subject to the natural acceptance of the market, in which the cryptographic community is very loyal to the fundamental principles of cryptography, especially security, immutability, public access to the sequence of transaction and anonymity of the parties of the transaction. With the relaxation of the latter, we do not think the massive use of the solution is very attractive, although we see its adoption as viable for unilateral e-commerce solutions, such as Amazon itself. The fundamental strengths of cryptography while trying to be improved, may have massive acceptance, however if  it is about impairment of its benefits, the rejection will be guaranteed.

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