Amazon wins patent for cryptocurrency data marketplace

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Amazon Technology Inc., a subsidiary of e-commerce and cloud computing giant Amazon, has been granted a patent for a streaming data service that could allow its subscribers to receive real-time cryptocurrency transactions data.

The patent is for a computing technology that facilitates streaming of data. The companies or organizations may provide data to a particular marketplace where the customers can subscribe to receive the streaming data.

The system allows developers to get information from different sources and combine the data to give better information on variables. Once the data is combined, the developers can then publish the combined stream data in the marketplace for use by the customers. Customers can make optional changes to the desired data to suit their needs. The technology will use cryptographic tokens to help in validating data from the different sources before combing the data stream.

Customers can browse and buy streaming data from developers and others sellers at the marketplace that have been created using this technology. The customer can buy the streaming data either by the amount (megabytes, gigabytes or more) or time depending on their need.

The technology will enable provision of enhanced data in low latency fashion, according to the patent filing. By combining raw data and data from multiple other sources, the technology adds value to the information being presented to customers and other relevant individuals. For instance, global cryptocurrency transactions, which are completely visible to all participants in the network, many have little meaning to customers unless one has means of correlating elements of the stream with other useful information. Using this marketplace, in the instance where cryptocurrency transactions have been fed into the marketplace, governments can easily work with telecommunications providers to track the IP addresses of transactions that may have been fed into the marketplace.

The technology also allows developers to use this application to create real-life processing applications that can handle large amounts of data. This is applicable especially to marketing and financial institutions. According to the patent filing, the streaming analytics service may also pave way for real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions.

Many blockchain-based technologies are developed and patented. In the last few years, there have been over 500 published patents from both big and small companies. Last week, a patent was issued to Bank of American for a blockchain-based storage system.