Streaming data for cryptocurrency exchanges and transactions is the new game plan for Amazon. Under the aegis of Amazon Technologies, Inc., a subsidiary of the e-commerce behemoth, Amazon, the company has filed a patent for launching an application of real-time cryptocurrency data. In a release on April 17, 2018, the company explained how the increasing need of organizations and people in cryptocurrency to have access and stream large amounts of data with low latency will be a new gap they are trying to fulfill. The company added that this was now going to be needed to -
“build real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions.”
As explained in the patent as well, the first stream which would normally be a price or general information feed of a cryptocurrency would be combined with the second stream of data such as a retailer’s requirement while processing a bitcoin. These combinations of data streams would be available for viewing an verifying.
The patent describes how it is trying to basically build a computer model that would enable organizing streams of data with processing speeds, with memory in electronic communication with the processor, instructions that would be stored in the memory, with executable instructions. The background of the patent explained how an increasing number of network service providers such as cloud computing across the globe were looking for newer ways to manage large portions of data and large-scale computing powers. This service has been developed for real-time processing and streaming of data. The customers of this service would be streaming analytics services which collect and process hundreds of terabytes of data per hour from hundreds of thousands of sources. This service can be utilized for website click streams, reporting of financial and marking information, social media, manufacturing and manufacturing instrumentation, operational logs, metering data and various other such things.
It would also be a very useful source of real data for Dashboards, capturing exceptions, generating alerts, driving recommendations, and any other such operational decision making requiring updated and real-time data.
All this would assist in services across multiple time zones, and set time zones within a specific region. The data can be re-read, analyzed, backfilled, and also stored for longer use. Developers can now only focus on creating intuitive business applications which using the heavy data collections and real-time streaming, load-balancing, coordinated distribution and fault-tolerant processing requirements with Amazon.
All this would bring about a revolution in the retail and customer interaction by correlating various raw data with other useful information. For eg. An online retailer accepting bitcoin may use a shipping address correlating with the bitcoin address. Both of these separate data streams can be combined and used to generate useful information. A group of telecommunications provider can use this data to correlate an IP address to the countries of origin This would, in essence, be highly useful to transnational operations, government agencies trying to keep a track of transacted cryptocurrencies and identify participants.