Amazon Wants to Build a Blockchain for Ads, New Job Listing Shows

The chosen engineer’s role will consist of requirements analysis, lead design, implementation and deployment of core components, interfacing with engineers and program managers.

The position will also be responsible for the operational support and maintenance of the systems.

Amazon is looking to hire a software development engineer to develop an advertisement blockchain.

Amazon works on an advertising blockchain

Amazon posted a job offer on LinkedIn for a software development engineer for its Colorado team, who is supposed to work on an advertisement blockchain. The online retail behemoth aims to grow its advertisement business by leveraging its online retail data, industry-leading cloud services, and a fast-moving startup culture. The post declares:

“Our new team in Boulder, CO is looking for a Sr Software Engineer to work within our Advertising FinTech team focused on a Blockchain ledger, billing and reconciliation systems to provide data transparency on transnational financial data.”

An important role

Furthermore, the engineer will also “have an opportunity to define the technical and architectural roadmap for the systems.” The company noted that it prefers candidates with experience in the advertisement, financial technology and blockchain.

As Cointelegraph reported in May, Amazon has been awarded a patent for generating Merkle trees as a solution to the Proof-of-Work algorithm. Still, the exact plans of the company remain unclear.

Standard Chartered Makes Letter of Credit Transaction Using Blockchain

London-based bank and financial services firm Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group.

On-chain letter of credit

Standard Chartered announced that it has successfully executed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited over the Voltron blockchain platform in a press release published on its website on Aug. 7.

Per the release, oil companies are often reliant on letters of credit as a form of short-term trade finance because of the significant value of their cargo. Furthermore, this reliance reportedly implies some downsides. Notably:

“This process is paperwork-intensive and requires up to five days for the delivery of these documents.”

The company claims that this pilot consisted of digitizing and simplifying the end-to-end exchange of information between all parties in a shipment of an oil product from Thailand to Singapore. The issuance, advising, and negotiation of LC and presentation of documents have all reportedly been managed on the Voltron blockchain platform.

Improvements in letter of credit transactions

The parties involved in the deal were reportedly able to view real-time updates on the progress of the transaction, which resulted in a significant speed-up of the process, which has been concluded in under 12 hours. Managing Director at PTT Supasachi Hongsinlark commented on the development:

“The system will provide more visibility to monitor trade finance flow in real time, which will improve transparency and credibility for the trading process and thus strengthen the relationship between our partners and stakeholders in the long run.”

Crunchbase estimates PTT’s annual revenue to be $60.5 billion.

As Cointelegraph reported earlier this week, Standard Chartered has completed its first joint blockchain-based supply chain financing transaction.

Leave a Reply

Your email address will not be published. Required fields are marked *