Amazon was granted approval for a patent that will offer data feeds and bitcoin transactions.
The US Patent and Trademark Office approved on Tuesday a filed patent by Amazon that can correlate different data streams and sell combined feeds in form of subscriptions to users who wish to track data, according to CNBC. In the file, Amazon used the word bitcoin two times referring to it as a possible product.
Amazon referred to bitcoin as a data stream that gives or includes bitcoin transactions.
“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. A group of telecommunications providers may subscribe downstream to the combined data stream and be able to correlate the IP (Internet Protocol) addresses of the transactions to countries of origin. Government agencies may be able to subscribe downstream and correlate tax transaction data to help identify transaction participants.”
In the next annex, Amazon implied that any law enforcement agency can verify the data on bitcoin transactions directly from the internet and check the shipping addresses.
“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. 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.”
For the moment Amazon did not comment on the news.
In the past, Amazon denied any involvement in the cryptocurrency industry. However, last year Amazon acquired some domains which made reference directly to the cryptocurrencies. DomainNameWire reported at that time that the e-commerce giant bought the following domains:
While the domains are still inactive, one can observe that the first two domains are very generic but the third one mentions ethereum. For the moment it seems that Amazon will deal only with bitcoin.
Furthermore, in October 2017, a group of users has started a petition dedicated to the CEO of Amazon Jeff Bezos which was urging him to implement bitcoin payments.
Amazon should show continued leadership in innovation by eagerly accepting two of the most trusted and proven cryptocurrencies in existence: Bitcoin and Litecoin,” stated Bezos at that time.