American Express Believes Blockchain Can Validate Payment in New Patent
To continuously improve on its authentication services to verify transaction timings, American Express recently submitted a patent explaining a possible exploring of blockchain technology as an answer.
After a patent was published by the United States PTO earlier in July, the company’s travel services explained utilizing a blockchain to ensure payment and a record of the number of assets in any transaction and trader identification. As an alternative to traditional transaction confirmation methods like receipts, the company wants to design and introduce a more solid confirmation process using blockchain technology as a basis.
The application by American Express points to several key services by the company including transaction information, PoP, verification and more and suggests that a digital framework could provide more evidence of transactions on its framework. Through the technology, a transaction will provide more proof of their completion and the possible uses to it are prominent.
Adding, the company explains that a card used to pay for a property can essentially become a key to said property by utilizing blockchain technology to provide evidence of ownership. By advancing, it could potentially open a door to future without tickets. Events of all kinds and properties could be accessible through a card with a PoP system within.
No affirmative choice has been made regarding the new blockchain’s hosting status. Any option, including a private or networked grouping, is possible and the company’s patent explains a possible growth of the network in terms of enhancing its client protection through open networks.
The newest patent is not the first to be filed by the company. Last year, American Express filed several applications to patent a new reward system for its clients. As of now, American Express has launched a series of tests with a new reward system for credit and debit card owners powering its partner, Hyperledger’s own BC tech.