The travel arm of credit card company American Express (NYSE: AXP.NYSE) – the American Express Travel Related Services Company, has filed an application with the U.S. Patent and Trademark Office for proof-of-payment technology. According to a patent application released by the U.S. authority, the blockchain platform will introduce a new process for approving or denying requests for payments.
Why it is important
- The document describes a system that utilizes smart devices connected to each other that serve the payer. The deals are conducted between digital wallets, with transactions recorded in a blockchain. This will replace the need for a receipt to confirm the payment or a ticket.
- The patent does not specify how exactly American Express plans to utilize the system. But is providing a detail description of access to a specific room or facility will be granted after a card payment is processed and confirmed by the system
This is not the first time American Express developed in the area of the blockchain. In November 2017 the company launched cross-border payments on the basis of a decentralized technology in conjunction with Ripple. Also, the financial giant was one of the first in the United States to apply Hyperledger technology to improve its privilege system. In March, the company filed a patent application for blockchain technology which will speed up transactions, and a few months later announced that it already employs blockchain in loyalty programs for their customers.