Amazon Wins Patent for Proof-of-Work System

Retail giant Amazon has been granted a patent for developing a Proof-of-Work cryptographic system. The patent relates to the generation of Merkle Trees as a solution to a proof-of-work challenge. The patent was filed in December 2016 and was granted to the company by the U.S. Patent and Trademark Office (USPTO) earlier this week.

The detailed technical document, however, does not reveal any detail about Amazon’s plans in the blockchain and cryptocurrency space. The company has been guarded about its cryptocurrency ambitions, but some of its companies have started working in the space.

Amazon-owned Whole Foods has already started accepting cryptocurrency payments through the Spedn app. Earlier this month, Amazon Web Services (AWS) had launched the Amazon Managed Blockchain (AMB) service.

Looks like the big fight is underway between Amazon, Facebook and Microsoft to gain the early advantage in the space!