Amazon Files Crypto Patent, Sparking Rumors of Bitcoin Integration

Written by

Dylan B

Cryptocurrency Writer

Published Nov 24, 2023 at 1:21 PM
Last updated Feb 26, 2024 at 5:19 PM

According to recent reports released by the company itself and the many individuals excitedly watching their developments, Amazon recently filed a patent involving the cryptographic proof-of-work system in order to better strengthen their current systems. As a result, rumors have been spreading that this may be an indication that they will be accepting cryptocurrency payments on their platform or that they may even be involved in the development of their own cryptocurrency project.

ForexNewsNow reports: "Allowing users to pay with cryptocurrency on Amazon would be another major step toward cryptocurrency adoption and would benefit both Amazon and the end user."

However, it seems as though Amazon is sticking with their current track record of not being involved with crypto (which has already led many developers to produce similar products as a result of Amazon’s refusal to integrate with crypto) as this patent solely focuses on the application of blockchain technology to the operations that they have in place.

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Amazon breaks down this choice in the course of its patent application, stating:

“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. One such attack involves denial-of-service attacks, which can be disruptive to computer systems on a network. In a distributed denial-of-service attack, for instance, large numbers of requests are sent to a computer system to attempt to overload the computer system. One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing disincentive to participating in the attack. One such expense involves imposing a condition that a client submitting a request expend more computational resources (e.g., CPU cycles) to cause the request to be fulfilled.

Given that Amazon’s interest does not hint at crypto, we can only surmise that they are not planning on implementing these digital assets into their payment options any time soon. However, we may see this in the future should Amazon find more value in crypto and see it as a vital way to improve business operations.