Financial services giant American Express could be considering Blockchain technology as a possible solution to proving transactions. This is evident in a new patent filing by the financial services provider.
AmEx Blockchain Patent Application
A patent application by American Express, which was released last week by U.S. Patent and Trademark Office, shows that the financial giant is looking into adopting a Blockchain based system so that they could easily receive confirmation of payment as well as the amount received in the transaction and the merchant identifier.
This project is veered towards beefing up the evidence of payment options which AmEx has termed as being limited. This option will allow AmEx to verify the payments between customers and merchants beyond the availability of a receipt.
The patent applied for by AmEx identifies the Blockchain’s technology ability to retain the transaction data, the information in the contract, evidence or proof of payment, identification information as well as any other data that may be required. AmEx seeks to use the Blockchain technology as an addition to its proof of transaction methods.
Various Uses For The Technology
The company has revealed that the Blockchain technology would have a varied application for its platforms.it has said that the technology can be used to gain access to a locked hotel or a shared property as well as check for proof of payment. It has gone further to say that the system can also be used to make ticketless venue access available to customers among many other applications.
The financial provider is yet to decide on whether the Blockchain system will be availed on a consortium, public or private network. What is however evident is how much security may be improved if the system would be hosted on a public network as there would be a collective computing power in the network.
The current patent application is amongst a series that have been availed with the first being launched around October of 2017. At the time the company was looking to be given a patent about its customer rewards program.
As of today, the company is already conducting test trials for the custom program it has developed for its cardholders. The Membership Rewards program utilizes the Blockchain technology developed by Hyperledger, which the company has partnered with.
Growing Acceptance Of Blockchain Technology
Blockchain since its inception has revolutionized many different industries. One of the industries that have also adopted this technology is marketing and advertising. One of the ways it has been applied in this industry is in verifying how many people have viewed the ads, among many other applications.
Even with this improved acceptance and adoption of the Blockchain technology, many have voiced their worry of the drawbacks that may be in tow.
Many have concerns about the implementation costs that come with a system that will only be able to identify and clear the transactions within a minute. The problem many have with this time frame is that many companies who would like to adopt this system already have systems that process transactions faster than that.