Photo Credit To via Flickr

Amazon is reportedly planning to integrate certain aspects of its ad business with the blockchain. The e-commerce giant recently put out a job posting for a senior software engineer. The person hired is going to join the company’s Fintech team that is looking into blockchain tech. 

Details of the FinTech Team

The new team will work out of Boulder, Colorado. Its focus will be on creating billing and reconciliation systems that provide transparency in cross border financial information. In the job description, the person hired will work on analyzing requirements, leading design, and deploying key components. Besides that, the person hired will be in charge of operational support and maintaining of systems. 

According to the description, the person who is hired should be able to examine issues holistically and cut through the complexity to deliver simple solutions. Besides that, applicants should be aware that the role would be a highly visible one. It will require constant communication with the leadership to shape and deliver the product roadmap. Amazon added that this would be an opportunity for the company to create an architectural direction for the company’s ad business using the blockchain. The company would not provide any more details beyond that.

How Amazon will Use the Blockchain

Amazon has not yet revealed how it intends to use the blockchain. However, this is not the first time the company is delving into the blockchain technology. The Amazon Web Services team has already created a proprietary blockchain called the Quantum Ledger Database. Additionally, the AWS’ Managed Blockchain services connect with the Hyperledger Fabric and Ethereum.

Solving issues in the Ad World

Amazon is part of a growing list of firms that are seeking to use the blockchain to improve the efficiency of the value chain in the adtech world. Currently, the ad world is quite opaque and there are many middlemen. As a result, many ad dollars do not go to their intended purpose. it is estimated that about 30 percent of all ad dollars are not spent as intended. However, blockchain technology could help bring more transparency to this industry, which is worth billions of dollars. 

It works in much the same way as crypto addresses. Just as it is possible to reveal where crypto was sent over time by examining the blockchain, a blockchain-powered ad ledger could help to track every dollar and find out which middlemen are taking a percentage.

However, it is not clear if this is what Amazon will do with its blockchain project. Additionally, it is not known whether the platform will only be used in the Amazon ecosystem or the wider ad market. There is, however, a good chance that this could happen. In the past, Amazon has developed internal solutions that it has then gone on to release to the wider audience.

A good hint that this might happen is what the General Manager of AWS Managed Blockchain said. Back in May at a conference organized by CoinDesk, he said that the company had a tradition of bringing forward internal projects to the market.

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.