Amazon wins patent for data feed marketplace: narc on bitcoin users
Amazon, Seattle based e-commerce giant’s subsidiary has won a patent for a streaming data marketplace. This marketplace could allow subscribers to receive real-time virtual digital currency transaction data. The U.S Patent and Trademark office approved the patent filing on Tuesday. They originally filed for a patent that can correlate different data streams and sell the combined feed in a marketplace in September 2014.
A system in which the individual users and organizations can sell streaming data feeds. This feed can be later subscribed by customers. The subsidiary of e-commerce giant Amazon.com, Amazon Technologies got the patent. The developers will be able to “build real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions." The filing says.
The filing they submitted in September 2014 registers various use for the marketplace, which includes, "web site click-streams, marketing and financial information, manufacturing instrumentation and social media, operational logs, metering data and so forth" But it mainly focusses on the digital currency market as use case.
The data streaming can become more valuable by combining bitcoin and other cryptocurrency data with information from additional sources. Also, the patents explain that individual data streams own their own is not so valuable.
"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." The patent states.
"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 the 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." Filing mentions.
Small startups are also proposing to build some similar kind of decentralized marketplace. But if the e-commerce giant decides to build a marketplace, could cause competitive threats to these startups.
Privacy- obsessed cryptocurrency traders or users are finding patent filing unexciting. Amazon identifying bitcoin and other cryptocurrency users for police is not something that excites crypto-traders. Also, startups who are aiming to build more decentralized yet similar marketplace like Amazon are thinking that Amazon might be a huge competitive threat.