Amazon Wins Patent for Crypto Data Marketplace

Users will be able to buy real-time data on digital currency trades.

by Kalina Tekelieva
19 April • 2 min
In News

US-based tech giant Amazon has received a patent for a marketplace involving data feed on virtual currency transactions,according to the website of the US patent office USPTO.

The patent, which Amazon filed in December 2014, concerns a data marketplace that will let individuals, firms or organizations sell streaming data to subscribers, as posted on the United States Patent and Trademark Office (USPTO).

Amazon’s system will allow for the correlating and combining of data streams from different sources such as marketing and financial information, web site click-streams, manufacturing instrumentation, social media, operational logs and metering data.

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Users will not only get access to the data feed, but will also be able to customize the ways in which the streams are associated and put together.

Subscriptions on Amazon’s platform will not be based on specific timeframes but on the data amount to be acquired, according to the patent.

How about cryptocurrencies?

According to Amazon the data marketplace could potentially couple global Bitcoin (BTC) transactions with other types of data. This implies that the platform function goes beyond raw transaction of data. Despite being completely visible, raw data is meaningful for users only when it is correlated to other elements of the stream, Amazon said.

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In addition, the patent explains that a group of internet retailers that accept BTC payments may combine the address of a BTC transaction with the shipping address and this data stream may enable telecoms providers to correlate IP addresses with countries of origin.

In other words, users of the data marketplace could pay to get details identifying the participants in a virtual currency transaction.

Social media response

The Seattle-based giant has not commented on when or whether it plans to launch the data platform. However, the news of the acquired patent immediately triggered reactions on social media.

While some users were excited that Amazon may accept Bitcoin, others were concerned calling out the sale of crypto transaction data as violation of privacy.


Cover photo: Amazon logo/Image source: www.amazon.com