Amazon Patented A Distributed Ledger-Based System For Product Authenticity

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The leading multinational firm Amazon has put a step ahead for proving the authenticity of consumer goods.
  • The company recently patented a Distributed ledger-based system (DLT).
  • Moreover, to overcome those technical deficiencies, the distributed systems provide a compelling solution.

The leading multinational firm Amazon has put a step ahead with blockchain for proving the authenticity of consumer goods. The company recently patented a Distributed ledger-based system (DLT).

The AWS will be going to use a managed blockchain service

On 26 May, the U.S. Patent and Trademark Office sanctioned the Amazon’s Distributed Ledger certification filing.

However, a few days ago, the company has announced that its Amazon Web Services (AWS) will be soon going to use a managed blockchain service. By using Amazon services, the users and companies can set up their blockchain network.

Additionally, a subsidiary of Amazon, Whole Foods, has announced that it will be going to accept payments in digital currencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Gemini USD (GUSD).

Besides this, the data from the manufacturers, distributors, and shippers will compile by Amazon’s system. It will be done on an open framework. This creates a product attribution across information storage.

The distributed systems provide a compelling solution

Further, Amazon taunted the proliferation of systems and databases which lack transparency, coherency, and security. Thus, the company added these technologies fail to cover the worldwide supply chain.

Though, last year Amazon’s sole courier distributed around 3.5 billion packages that come about 46% of the total.

Moreover, to overcome those technical deficiencies, the distributed systems provide a compelling solution. Amazon claimed that DLT could secure data from alteration and avoid the managerial issues of centralized authority.

A few days back, Amazon has filed a patent that refers to a proof-of-work (PoW) system that utilizes cryptography. The system defines techniques that practice Merkle trees as a solution to a PoW challenge.

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