Credit Card Giant American Express Files Patent Application For Proof-Of-Payment

Credit Card giant American Express utilizes the Ripple’s interledger for filing a new blockchain patent with the US Patent and Trademark Office. The patent portrays an arrangement that would be utilized to approve or reject payment request. These transactions would occur on the blockchain, while the payment transfers would be done amid the senders’ and receivers’ digital holders.

The system would be capable of approving a payment, in which, an event of the settlement would be processed and the accounts of the payer and the recipient would then be adjusted. The platform would view transacting entities use digital wallets on the blockchain, where payments would be carried out unswervingly relatively than a route through a third-party bank.

The patent elaborates that an identical blockchain-based system utilizes connected smart gadgets to perform actions which service a paying customer. It mentions the recording of transactions in a meddle-proof blockchain. It vestiges indistinct as to when American Express would elect to execute its novel patent, and whether the firm has any plans to initiate its new system to any areas beyond its related services branch. The news is noteworthy as it depicts further interest from the company in blockchain-based technology.

American Express Is Building Own Proof-of-Payment

Beforehand, American Express has utilized Ripple’s interledger to offer corporate customers in the United States with an effortless mechanism to transfer traceable funds to commercial entities in the United Kingdom. The company has proclaimed that consumers are already leveraging the service to send funds abroad; and that the proposal would see important expansion in the future to come.

Lately, CCN News has recently included a list of the 50 largest public firms that are discovering how to incorporate blockchain within their assistance. The news giant features it to American Express’s efforts to revamp its association program using Hyperledger’s blockchain, without any citation of the patent.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Nagasunder Sharanappa is highly experienced in Content Management and development, Customer Escalation Management ,Payment Operations and Business Process Outsourcing Industry.

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