American Express intends to use blockchain to check transactions

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american express

American Express filed a patent application, according to which it is planned to use the blockchain account for the confirmation of transactions.

The application filed with the US Patent and Trademark Office describes a “blockchain-based system” that will receive a “proof of payment, including the transaction amount and the merchant’s ID.”

In addition, the patent application emphasizes the role of technology in storing “transaction data, contract data, payment confirmation data, identification data and/or other necessary information”. Thus, the possibilities of such a system can be adjusted to a variety of needs.

It is reported that the distributed registry will be used as an additional level of transaction verification in the American Express network.

Another possible application of the technology may be “unlocking the hotel’s door or other leased area using a card (for example, a card used for payment) and simultaneous checking of payment in the block room.” If the system is expanded, it can be introduced “for admission of clients to events, concerts or to the cinema without the use of tickets.”

Note that at the moment it is not known whether the proposed American Express system will be placed in a private, public or corporate environment. However, the patent application notes that “public networks can increase the computing power of the network and improve security.”