AMERICAN EXPRESS PLANS TO USE BLOCKCHAIN TO PROVE WHEN A TRANSACTION OCCURS
American Express plans to use blockchain to prove when a transaction occurs, as it explains in its patent application released by the U.S. Patent and Trademark Office last week, reported Coindesk on June 16.
The filing explains a method using a “proof-of-payment system” that would “receive a payment confirmation including a transaction amount and a merchant identifier.” The payment giant believes there are not enough quality evidence to prove a transaction was successfully completed between a merchant and a customer as only a ticket or a receipt can prove a transaction. A blockchain-based system would solve this problem as it would serve as an extra layer of proof for payments.
The document outlines the role of the blockchain technology in maintaining “transaction data, contract data, proof-of-payment data, identification data, and/or other information as desired.” AmEx’s blockchain-based system could also serve for other purposes as it is described in the patent application.
The proof-of-payment system could be used “to unlock a hotel, rental, or shared economy property door using the card (e.g., that was used for the payment) to look up proof of payment on a blockchain.” The data of the system could also be used “to provide ticketless access to venues (e.g., movie theater, sports event, concert, etc.) to a customer, in response to swiping the card (e.g., that was used for event payment), or launching a smartphone application with an identification, which may be used to look up proof of payment on a blockchain.” In last March, the payment giant announced that it would use blockchain to increase the speed of payment and it further expressed that it would hire more people to help sell Ripple xCurrent. #cryptocurrency #cryptocurrencies #crypto #cryptonews #btc #bitcoin #bitcoins #bitcoinnews #blockchain #blockchaintechnology #love #instagood #instagram #eos #ada #ripple #ltc #litecoin #xrp #ethereum #ether #amex #americanexpress #payment