Amazon Crypto-Related Patents Are Increasing Investors’ Interest, Amazon Marketplace Coin Next?
Amazon has been searching for a crypto patent and it has attracted interest from individuals around the world.
At the moment, buying goods and services at different shops would allow virtual currencies to grow. However, Amazon has not yet allowed users to pay using digital assets.
Amazon Blockchain Patents
A few days ago, Amazon filed for a patent that involved cryptographic proof-of-work (PoW), which is the consensus algorithm that is behind Bitcoin. Although this is not strictly related to a specific virtual currency, this attracted the attention of many users and investors.
Users and individuals are very excited about being able to pay on Amazon using their favourite digital asset. Nonetheless, Amazon has been working with blockchain technology to increase its efficiency and offer better services to users.
A small part of the patent application filed by Amazon reads:
“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 does not talk about digital currencies at all and the goal is to offer solutions to the Amazon web services division. Although the cryptocurrency market and ecosystem would be very excited about Amazon accepting digital assets as a means of payment, there is no evidence about them being demanded by people in the platform and companies.
Indeed, Amazon could end up spending large amounts of money setting up the payment gateway and not receive interest by customers and sellers. This would clearly be negative for the company. Overstock, a large retailer that is currently accepting Bitcoin, has less than two percent of its revenue from cryptocurrencies.
A long time could pass before Amazon and other retailers start accepting digital assets.