Amazon Wins Cryptocurrency Use Case in Streaming Data Marketplace

Amazon Sees Bitcoin Use Case in Data Marketplace

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  • Amazon Inc. has won cryptocurrency use case in streaming data marketplace.
  • This is, however, a centralized marketplace, and could be a competitive threat to more decentralized marketplaces.  

Amazon Inc.: Amazon Technologies, an arm of one of the world popular e-commerce and cloud computing giant, Amazon Inc., has won the patent for streaming data marketplace that can enable subscribers to get real-time transaction data on digital currency, on Tuesday 17th April. The patent defines a system where an individual or organization can put up streaming data feeds for sale, to which clients can then subscribe.

According to Amazon’s filing, developers can “build real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions.”

Some of the potential use cases for the marketplace listed in the filing include: “web site click-streams, marketing and financial information, manufacturing instrumentation and social media, operational logs, metering data…” – and a notable use case which focuses on the digital currency market.

The filing claims that individual data streams, on their own, may not be so valuable, for example, data from bitcoin and cryptocurrency transaction. However, by combining such data with information from additional sources, “the data stream may become more valuable.”

According to the patent:

“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.”

More so, Amazon’s filing mentioned the marketplace’s potential use to law enforcement:

“For example, a law enforcement agency may be a customer and may desire to receive global bitcoin transactions, correlated by country, with ISP data to determine source IP addresses and shipping addresses that correlate to bitcoin addresses,” Amazon wrote. “The agency may not want additional available enhancements such as local bank data records. The streaming data marketplace may price this desired data out per GB (gigabyte), for example, and the agency can start running analytics on the desired data using the analysis module.”

If Amazon goes on with building the marketplace, being a centralized offering, this could present a competitive threat to other firms who are creating some similar but more decentralized marketplaces. CEO of Streamer – one of the firms possibly creating something similar, Henri Pihkala, explained in an e-mail that:

“data marketplaces aren’t a new idea, [but] 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 added:

“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.”

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