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Cryptocurrency

Amazon Strikes its Move; Files Patent for Crypto-Based Proof of Work System

Amazon, the American retail and e-commerce giant that doesn’t need any introduction having one of the largest userbases across the world, is ready to take on the crypto space with its strategic move. The shopping behemoth that is considered as one of the hugest tech firms in the world has come up with a patent for Proof of Work System based on Crypto.

As, since long, Amazon is going through the ups and downs along with tough competition, this step of the aforementioned patent can be proved as a game changer. Actually, the patent was already in the process of filing since December 23, 2016, but the news has just broken out recently on May 14. The patent filed by Amazon is titled ‘Generation of Merkle Trees as Proof-of-Work’ and it deploys cryptography.

The patent provides the details regarding the Proof of Work System,

A proof-of-work system where a first party (e.g., a client computer system) may request access to a computing resource. A second party (e.g., a service provider) may determine a challenge that may be provided to the first party.

Moving further, the patent explains more about how it will operate in order to provide a ‘valid solution to the challenge.’ The patent specifies its technical details to quite an extent. The document of the patent contains 21 pages in total. It also explains ‘Merkle Trees’ in detail. Speculations say that Amazon intends to utilize the proof-of-work system in order to combat ‘denial of service attacks.’ It is a kind of cyber attack that disrupts services, causing the server to crash.

Amazon’s current state:

Founded by Jeff Bezos, the firm is ruling the market with its wide spectrum of services. However, its rival retail chain Walmart gave it a tough competition recently. Famously, Amazon had offered next-day shipping, following which, Walmart also declared a similar offer for its customers.

At the time, Walmart noted that it will apply next-day delivery in Phoenix, Las Vegas and Southern California. It plans to expand its business to around 75% of American consumers by the end of 2019.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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