The financial giant American Express filed a patent application for payment confirmation technology based on the blockchain.
Over the past few months, AmEx has repeatedly publicly supported the blockchain technology. For example, recently it was the first among US financial companies to apply Hyperledger’s blockchain technology to improve its Membership Rewards system (“Privileges for customers”).
American Express did not come to this right away. In 2014, CEO Ken Cheno saw in the bitcoin competitor of his company, while noting that “the protocol bitcoin will gain significance.”
Then, in November 2017, American Express announced the creation of a payment B2B channel on the basis of a blockchain-system, which will allow companies from the United States and Great Britain to process payments almost instantly.
The platform was born thanks to cooperation with Ripple and the banking firm Santander UK. “We witnessed the transformative role of the blockchain in customer service,” Greg Keeley, executive vice president of American Express for global corporate payments, said at the time.
Yesterday AmEx filed a patent application for a payment blockchain system without any announcements. It describes a technology that uses smart devices connected to each other, performing certain actions to service the payer. In the description, among other things, the transaction record is also mentioned in the blockchain protected from hacking.
The presented blockchain-platform will approve or reject payment requests. Transactions will occur in the blockchain, and payment transfers will be performed between the digital wallets of senders and recipients.
The patent application explains, for example, how this system can be used to open a door in a hotel, a rented room or a common room. The payer will use a card or smart device for this purpose, which he used before. When the blockchain is satisfied that the service has been paid using a card or device, access will be unlocked.
Although the idea described in this application looks promising, it, unfortunately, is not new. The technology of smart contracts exists not for the first year, so people have come up with many similar methods for its application. In addition, the patent does not explain how AmEx plans to use the system if it is eventually developed.