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American Express to Use Blockchain Technology to Help Prove Payments

American Express has always been on the lookout for better ways in which it can prove that payments have occurred. With the latest filing for a patent by giant in financial services, it seems like American Express might be considering the possibility of a solution through the power of blockchain technology.
The US Patent and Trademark Office released a patent application just this past week in which the American Express Travel Related Services talks about utilizing a blockchain based system for the confirmation of payments. This will be including a merchant identifier and the transaction amount.
The concept of using blockchain technology based systems by American Express is based on adding to the very limited number of options for creating good quality evidence of transactions taking place between customers and merchants that go above and beyond the simple payment receipts.
The patent filed by the American Express clearly defines the role of distributed ledger technology in contract data, proof of payment data and transaction data among more important information. The idea is that having a possibly public blockchain network will add another layer of security and proof of transactions which are facilitated by the financial services giant’s network.
Considering all of these factors, the possible applications for a blockchain technology based system for the company are vast. American Express believes that the data can be utilized in order to unlock hotels, shared economy property doors using their card or even a rental so that they can check out the proof for the transactions having taken place on the network of American Express.
The implementation of this technology by the financial services giant can possibly even facilitate the likes of ticketless entry into venues like concerts and movie events (or more). It’s just another possibility to consider.
While there is no decision yet as to whether this new system will be hosted by a public or a private blockchain network, the potential applications of distributed ledger technology and current use cases highlight how the use of cumulative computing power can add a significant layer of security to the network.
Among other patents being filed by American Express, this is the latest in the series. The October of 2017 saw American Express Travel Related Services file for a completely different patent which is centered around a system for customer rewards.
Since then, the American Express company has come a long way with initial trials through a Membership Rewards program using Hyperledger’s distributed ledger technology for cardholders. It remains to be seen how the latest patent plays out for American Express.

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