E-Commerce Giant, Amazon, Patents Blockchain Authentication Of Accepted Consumer Products

The world-leading e-commerce platform, Amazon Technologies Inc., filed a patent on blockchain technology for proving the authenticity of consumer goods in its online marketplace. The filing approved and made publicly available on Tuesday, May 26, 2020, describes the platform as an

“interface for verifiable tracking of an item through a supply chain using a distributed electronic ledger.”

The patent titled “Distributed ledger certification” was filed back in July 2017 with the U.S. Patents Office signaling a long term view of Amazon on distributed ledgers.

The platform aims at improving the trustworthiness of an item, service, or party as the world’s online marketplace grows to unseen levels. Currently, systems that lack transparency, coherency, referential integrity, or security set challenges for the global growth of online marketplaces. All these challenges reduce the trust between different parties – a problem that Amazon aims to solve with its DLT network.

The platform aggregates data from manufacturers, distributors, and shippers on an open network architecture to give the consumer real-time trusted information. The patent further touches on a possible implementation of permissioned enterprise network, Hyperledger.

Amazon in blockchain

In late September of last year, the company announced plans of hiring a specialist in blockchain in a bid to integrate decentralized ledger technologies in advertisements on the platform. The project will curb the mistrust between the sellers and buyers to create a more transparent and secure online marketplace.

Additionally, in late 2019, Amazon announced two blockchain-based products in early phase testing – Amazon Managed Blockchain and the Amazon Quantum Ledger Database.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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