Amazon Crypto Expert Wanted for 'blockchain Leadership'

Crypto-currency interest is growing rapidly. Many blue-chip companies are hiring for crypto and blockchain positions in 2021.

This has been happening over the last few months. This is not surprising as these companies have been driven by customers to adopt blockchain technology. Today's data shows that over 1 in 10 Americans have purchased crypto so far in 2021. This year, more than 51% of college graduates surveyed bought crypto. It is an incredible sign of demand.

It is not surprising that Amazon has entered the fray. Amazon announced today that they have "posted a job posting for a Digital Currency and Blockchain Product Lead." This job listing describes the position as working in payments and the "own the vision and strategy for Amazon's Digital Currency and Blockchain strategy and roadmap." It is clear that Amazon intends to integrate crypto payments in some form. After Amazon's February announcement that they would be seeking a Mexican digital currency to create a new payment product, this is a clear indication of Amazon's intentions.

They will not pose a threat to the existing crypto protocols, as is customary with large-cap corporations. They will accept crypto payments and create their own token that can be used only within Amazon's marketplace and its subsidiaries. There are nearly 70 open positions for blockchain specialists at the company. This means they could be able to get into the blockchain supply chain, which is one of the first uses for blockchain tech.

Amazon spoke out about the announcement saying: "We're inspired and exploring the possibilities for cryptocurrency on Amazon. We believe that the future will be built upon new technologies that enable modern and fast payments and hope to bring this future to Amazon customers as quickly as possible. Amazon has "Amazon Coins" which allow customers to make transactions in Kindle-based apps and games. They haven't really made a big splash yet and more resemble arcade tokens. They are still available for purchase; each token costs 0.01 cents.

The job listing asks for experts in "central bank digital currency" Amazon may be ahead of major news about CBDCs, as the Fed recently declared them a priority due to China's complete rollout of digital Yuan. Amazon published a white paperback in March entitled: How the cloud could deliver solutions for central banks digital currencies Amazon's attempt to become the backbone of a CBDC within the United States would be a problem for many. This would give enormous power to an already huge corporation. However, it seems like this may be their goal.

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In the white paper, they mention that they have a "fully managed ledger database that provides transparency, immutability, and cryptographically verifiable transaction log, owned by a central trusted authority." Amazon QLDB is able to track every application data change and maintain a complete history of changes over time. This will be a source of a lot of criticism from others in crypto. No one would want Amazon to have a ledger of all purchases, visible or not on an explorer.

Amazon clearly wants to be a part of crypto's future. They already have the Amazon Managed Blockchain, which is a permission private chain that can use Ethereum. It is a double-edged sword that big companies are embracing crypto. Their centralized influence is contrary to crypto's principles. We can only wish that crypto market value will continue to require decentralization.

Many exchanges and wallets depend on Amazon Web Services. Outages can cause wallets and exchanges to go down for hours. The hosting service crashed in February due to the overheating of Tokyo servers. This caused outages for Binance, KuCoin, and Huobi. Algorand's wallet also went down briefly on June 16th, due to connectivity problems and outages at AWS. Algorand uses AWS only for the "front end", which is the user interface. However, it's troubling that any wallet or exchange still has one point of failure like Amazon.