Amex Files Blockchain Faster Payment Patent
American Express has reportedly filed a patent related to faster payments and blockchain technology, reports in CoinDesk said.
The U.S. Patent and Trademark Office released the patent application filed by American Express Travel Related Services Company, the payment technology firm’s travel unit, which outlines the use of blockchain technology to accelerate payments between two parties.
The filing describes a blockchain solution to receive requests for payment, which would then be approved or rejected, a process that would include risk analysis, reports said. If approved, the platform would automate processing and adjust accounts on both ends of the transaction.
The solution would require both payer and payee to create a blockchain-based digital wallet, enabling payments to occur on the blockchain platform itself rather than via a third-party institution.
Reports noted that American Express’ filing emphasizes the potential for blockchain to enhance existing card networks.
“A payment network based on peer-to-peer payments may be used to facilitate most functions of traditional card payment networks and to enable additional services and functionality,” the document stated.
But the ongoing volatility of bitcoin, coupled with the fact that blockchain is a public ledger, are two barriers to American Express adopting such a solution, the company said.
American Express has been exploring blockchain technology for some time. Last November, the company joined blockchain network RippleNet to explore the use of blockchain technology for faster, more efficient B2B payments.
BLOCKCHAIN HOLDS GREAT potential for improving payment systems, but for the moment that potential remains largely unrealised.read more
Algorithms automating repetitive legal tasks will allow lawyers to focus on pertinent legal issues while expanding their work portfolios.read more
From improving health care processes to predicting when you might need to go into the hospital, AI is improving many aspects of the way we obtain and pay for medical care. Most patients aren’t aware – yet – of what goes on to make AI a reality in health care.read more
An analysis of more than 400 use cases across 19 industries and nine business functions highlights the broad use and significant economic potential of advanced AI techniques.read more
Did the chicken you just buy at the supermarket have a nice life, roam free, and eat healthy grains? If you’re the kind of person who cares, Carrefour SA, the big France-based grocery chain, has the bird for you.read more
Steven Spielberg’s new film “Ready Player One” imagines a future where people live much of their lives in virtual reality. Do science fiction’s predictions of the future ever come true?read more
Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.
Antoine de Saint-Exupery