THELOGICALINDIAN - Multinational banking casework association American Express has apparent added absorption appear blockchainbased technology Following in the footsteps of above competitors like Mastercard the aggregation has filed a apparent for a proofofpayment arrangement based on blockchain technology
American Express — frequently referred to as Amex — filed a patent on July 12 alleged “Systems and Methods for Blockchain Based Proof of Payment.” More specifically, the apparent appliance was filed by American Express Travel Related Services Company, Inc.
In the application, Amex seeks aegis for a proof-of-payment automation arrangement which encrypts the antecedent burden advice with a accessible key on an antecedent blockchain node. The advice in catechism includes the merchant’s identification abstracts as able-bodied as the transacted amount.
The additional affirmation of the apparent explains that the encrypted advice could be broadcast to a additional bulge of the blockchain which is configured to advance a archetype of the blockchain. This would eventually acquiesce acute affiliated accessories to back the encrypted proof-of-payment abstracts from the additional bulge of the blockchain, decrypting the advice and initiating altered actions. The book explains:
Going further, the apparent explains that the abovementioned arrangement could be acclimated in a ambit of fields — including rental, hotels, aggregate abridgement property, and others. These are all account areas area the affidavit of acquittal plays a analytical role in its acceptance and is oftentimes a claim for the transaction to be completed.
This is not the aboriginal time American Express has displayed an absorption appear blockchain technology.
In May 2018, Amex’s Vice President of Technology, Tereasa Kastel, appear that the aggregation was exploring how the technology could both advice assure Amex’s barter adjoin artifice and accumulate their identities safe. At a appointment in Las Vegas, Kastel said:
Amex is not the aboriginal above banking casework provider to analyze the accomplishing of broadcast balance technologies (DLT). Earlier this year, MasterCard also filed a patent for a arrangement advised to access the acceleration with which blockchain nodes are verified.
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