Amazon seems to be bringing their A-Game to the Crypto Industry. There have been several reports of Amazon searching for a crypto patent. All the investors are sure to have kept their eyes open as this looks like a huge leap for the company as it has started to embrace blockchain and cryptocurrencies. This doesn’t come as a surprise to many as Google, Facebook, Microsoft and now Amazon are all trying to incorporate blockchain to improve their services.
Even with the sudden interest in crypto, Amazon still doesn’t allow its users to pay using these digital currencies.
Here is a small glimpse into the patent application filed by Amazon:
“Computer networks have evolved to provide sophisticated functionality in a large variety of contexts. Providing such functionality, however, often involves complex systems that malicious entities may try to exploit.”
The patent also briefly mentions cryptographic concepts like cryptographic keys, digital signature, and public signing key.
Proof of Work in Play
Another company. Overstock, a large retailer is currently accepting Bitcoin for transactions. However, it has less than two percent of its revenue from cryptocurrencies.
Now, Amazon hasn’t confirmed the development of a new virtual currency but the patent it has filed for is a patent involving the consensus algorithm proof-of-work (PoW), which is the consensus algorithm behind Bitcoin. Amazon has also shown interest in Ethereum and its support to build distributed applications on top of it. Amazon Web services now provide support for blockchain networks on platforms like Hyperledger. Support for Ethereum will roll out later this summer.
What makes matters more interesting is that Ethereum also makes use of Proof of Work consensus and supports the creation of Cryptocurrencies on top of it. This could also be the reason why Amazon is banking in on the patent. Proof of Work will come handy in preventing hackers from unauthorized access and attacks such as denial-of-service (DoS) and distributed denial-of-service (DDoS) from hitting the network
The Future of Blockchain & Amazon
This is a big deal for blockchain technology which has been under the radar for the last two years as a multinational company like Amazon has found use cases for the technology to increase its efficiency and offer better services to users.
The patent does not directly confirm a potential digital currency but the goal is to offer solutions to the Amazon web services division. This is exciting for the believers of crypto and blockchain. Yet, the interest of an average user still remains a question.
It could be a long time before Amazon and other retailers start accepting digital assets, but this surely will be a testing ground for the future of the technology.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news