Amazon’s bitcoin patent good for store value, bad for privacy

0
303
Amazon

World?s largest e-commerce and cloud computing giant has become a talk of the town this week after what has been confirmed by US Patent and Trademark Office. Recently, the patent that Amazon has filed years ago, precisely in 2014, for a marketplace that offers data feeds finally came to the end in favor of Amazon.

In past, Amazon technologies has successfully won a number of patents in the space of marketplaces such as web site click-streams, financial information, marketing, manufacturing instrumentation( Amazon basic, Amazon dot etc.), operational logs, metering data and so on. But what made Amazon popular in the crypto sphere is its patent focused on the cryptocurrency market ? a blockchain analysis patent.

Amazon bitcoin patent

The framework described in patent actually revolves around a streaming data marketplace. The applications of the framework are numerous but in the crypto sphere, it is quite obvious that it can track the Bitcoin transaction in real time.

The patent 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”.

Anyone can subscribe to the data stream (especially governments and Law enforcement agencies) and track the IP addresses of the bitcoin transaction to the countries of origin. Which means one will be able to track or de-anonymize the Bitcoin and it may also accommodate other cryptocurrencies.

The filing also mentions the marketplace’s potential appeal to law enforcement.

?Law enforcement agencies are showing great interest in Bitcoin users as of right now. They mainly intend to crack down on illicit activities taking place in the world of cryptocurrency. It now appears Amazon is preparing to enter this space as well, as the company recently received a patent to ?identity Bitcoin users?. It?s an intriguing development well worth keeping an eye on?.

But it is quite clear that Amazon is about to make the first step to uncover the crypto coins such as Bitcoin by tracking it in real time. It means that if you are making transactions using Bitcoin, Amazon can track it easily where and to whom you have spent your Bitcoin. It will definitely put an end to certain criminal and activities associated with it but it will also remove the iron-cartons which are protecting Bitcoin.??

Who is next??When no other tech giants are considering the development of cryptocurrencies for mass acceptance, Amazon has played its card. Though Amazon has also made it clear that it would not start using crypto payment method any soon. Though the great news is? providing Amazon and seller with an effective framework to accept bitcoin payments is a huge step to the dominant cryptocurrency?s quest for mass acceptance.

With the behemoth e-commerce giant leading the charge, it is quite predictable that other e-commerce companies may also start using the same the system after all they don?t want to be left behind the world?s largest online marketplace.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at news@dippli.com.

LEAVE A REPLY

Please enter your comment!
Please enter your name here