Is Amazon Getting Into The Cryptocurrency Space???

American retail giant registered three crypto-related domains: AmazonEthereum.com, AmazonCryptocurrency.com, and AmazonCryptocurrencies.com last year. Whether they accept cryptocurrencies as a form of payment or create their own blockchain, cryptocurrency mass adoption of cryptocurrencies would happen overnight.

Before I got ahead of myself, I did some investigation on https://whois.icann.org/en

According to the website, every year, millions of individuals, businesses, organizations and governments register domain names. Each one must provide identifying and contact information which may include: name, address, email, phone number, and administrative and technical contacts. This information is often referred to as "WHOIS data. Internet Corporation for Assigned Names and Numbers (ICANN) is committed to implementing measures to maintain timely, unrestricted and public access to accurate and complete WHOIS information.

However, Amazon is always thinking ahead, so there has to be more pieces to the puzzle.

Amazon’s supply chain is a very complex and stretches across the entire globe. Using blockchain technology would not only optimize their logistic chains, but better track items enroute for delivery, reduce shipping cost and reduce shipping error for the over 10 million items sold on its website. There are more than 300 million Amazon accounts worldwide, blockchain could improve the following:

• Record the quantity and transfer of assets - like pallets, trailers, containers, etc. - as they moves within the supply chain.

• Track purchase orders, change orders, receipts, shipment notifications, or other trade-related documents.

• Assign or verify certifications or certain properties of physical products, for example determining if a food products are organic or not.

• Link physical goods to serial numbers, bar codes, digital tags like RFID, etc.

• Share information about manufacturing process, assembly, delivery, and maintenance of products with suppliers and vendors.

Overall, a blockchain-based Amazon supply chain would greatly improve Amazon’s already world class fulfilment centers and lower overheads, thereby providing goods to consumers faster and cheaper.

But lets get back to the fun part. What would happen if Amazon entered the cryptocurrency market on a massive scale and begin accepting cryptocurrencies as a payment method? What kind of impact would Amazon cryptocurrency acceptance or blockchain integration have on the blockchain ecosystem? What if Jeff Bezos announced an Amazon coin for customers which was accepted by all Amazon’s services, such as Amazon Prime, Twitch, and Audible? If Amazon entering the crypto space, would the announcement overshadow the Bitcoin EFTs?

Amazon remains the company I love to hate, but if Amazon announced they were joining the party, I would be the first to give them a cup of grey goose and cranberry.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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Published on

by rollandthomas

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