Those are the 3 cryptocurrency domain addresses Amazon's legal department recently purchased. Back in 2013, Amazon had purchased amazonbitecoin.com. As yet, Amazon doesn't accept payments in virtual currency.
Therefore, in Bloomberg, David Meyer reports, the world of business and law is puzzled why Amazon made this move. One line of thought focuses on the ethereum-related domain.
Unlike bitcoin, which is exploding in value, ethereum's value is stable. Meyer notes:
" ... [ethereum is the] underlying blockchain mechanism being touted as a repository for self-executing 'smart contracts' and other tools for technical decentralization."
Some may recall that venture capitalist and founder of TechCrunch Michael Arrington transacted his purchase of property in the Ukraine using blockchain. That included creating a smart contract.
Around the world, blockchain technology can be the magic low-cost financial solution for those without access to formal financial institutions. For example, here in the U.S. the unbanked would no longer be exploited by the high fees of payday lenders.
IBM already is using blockchain technology in cross-border transfer of funds and food safety.
Large banks in Canada are experimenting with blockchain.
Among the negatives associated with blockchain is that it can eliminate jobs globally. Those sectors include finance, supply chain management, real estate, backoffice operations, document creation/storage/retrieval, and law.
The edge blockchain provides which other technologies don't is internet security. Each element posted is "locked" in a chain with the previous element. Hacking is impossible.
A useful introduction to this subject is "Blockchain for Dummies" by Tiana Laurence. Here it can ordered from Amazon.
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