How will Amazon affect the cryptocurrency and blockchain industries?


Google search results show that there is a potential dynamic duo: Amazon and Blockchain/Cryptocurrency. One of the largest e-commerce giants in the world is at the forefront of technological disruption, which is probably why its market capitalization is growing exponentially throughout the years.

Amazon registered three cryptocurrency domains in November 2017, including amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com. Some press even hinted at the chance that Amazon might be creating  the Amazon Cryptocurrency Exchange.

When the domains were registered, many thought that Amazon will actually accept payments in digital coins on its platform. This, however, has not happened yet. The domain names suggested that Amazon is gearing up for a major cryptocurrency move.

According to an article by Maj Soueidan from ValueWalk.com, the idea of Amazon launching its own cryptocurrency exchange is quite viable, since the company might be able to take revenue from every transaction in the future, which is a very powerful tool for companies to revive growth and generate much more revenue. In addition, Amazon certainly possesses the computing power needed for integrating exchanges, and even mining digital coins themselves.

Another point of view was presented by the CEO of Amazon Web Services, when he announced that AWS is not focusing on blockchain deliberately, since there is so much “tension” and hype around it, that AWS is staying away from it for now. The CEO did not mention anything specific about any future blockchain projects that Amazon considers. This was during the AWS re:Invent conference.

For now, Amazon does have a digital coin, named Amazon Coin, which is used for online purchases for “Kindle, Kindle Fire, and Android devices from within an app or from the Amazon Appstore”. There is no clarity as to how the company will “navigate” through the “blockchain craze”. There are no specific plans made by Amazon. However, one thing is sure: if Amazon decides to put major focus on blockchain and/or cryptocurrencies, the effect on the whole industry will be enormous.

 

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How will Amazon affect the cryptocurrency and blockchain industries?

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