Some cryptocurrencies that are currently in the market have been marketed with anonymity as one of their attractive features. However, this anonymity might be threatened by Amazon?s Streaming Data Market Place.
The e-commerce giant revealed a new patent in the U.S under the name ?Streaming Data Market Place? which seems to focus on bringing more functionality to Amazon?s computing infrastructure. However, the patent reportedly threatens to invalidate the anonymity of privacy coins.
Stephen E Arnold, the author of ?Dark Web Notebook? presented the information during a law enforcement and intelligence conference that was held in Prague. He stated that Amazon has enough analytics, data, market research and technology to provide intelligence professionals and law enforcement agencies with a platform as well as services that can track money. He further added that it is possible to track down transactions even if they are encrypted and obscured.
Arnold?s statement suggests that the technology and data can even be used to track anonymous cryptocurrency transactions involving privacy coins. The author also stated that Amazon?s patent reveals with clarity that the e-commerce and data firm has the power to disrupt the cryptocurrency market. He suggests that the platform, analytics, and data can be used to disrupt the market through the deanonymization of cryptocurrency transactions.
The patent revealed that Amazon will have a new line of revenue generation courtesy of the method and platform mentioned as the streaming data marketplace. It will also feature vendors such as Palantir Technologies and IBM to make sense of the fast-growing and lucrative market which involves the transactions of Bitcoin (BTC) and other digital currencies.
Amazon?s new solution will also support the Ethereum (ETH) platform. The company also plans to combine already existing technology with the new analytics to provide one service from which intelligent services and law enforcement agencies can source their data. Arnold stated in his lecture that the ?streaming data marketplace? is one of Amazon?s latest services aimed at attracting clients, especially those who require its application program interfaces. It particularly appeals to build new services or provide already existing services to government agencies.
Amazon filed the patent for ?streaming data marketplace? in 2014 and it finally received approval from the U.S. Patent and Trademark Office just a few days ago. The patent will focus on improving customer privacy which the company takes very seriously according to a statement by one of its spokespersons. The spokesperson also stated that Amazon will never sell customer data compiled using the technology described by the patent.
Other than disrupting privacy coins, Amazon?s cloud computing division is also venturing into the blockchain arena. The firm has teamed up with Kaleido to develop a solution through which Amazon Web Services (AWS) customers will be able to access blockchain technology.
Steve Cerveny, the founder of Kaleido stated that the new solution will allow AWS users to focus on their scenario without having to know everything about cryptography. The two companies will therefore work towards creating a platform that will incorporate simplicity. The two developments highlight Amazon?s growing influence in the cryptocurrency market.
Disclaimer: Nothing in this article should be construed as financial advice in any way, nor as an encouragement to engage in cryptocurrency trading activity. This article was not sponsored by any entities or companies mentioned in the article. The only purpose of this article is to inform/educate on the topics discussed in the article.
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