Category Archives: American Express

Auto Added by WPeMatico

Mastercard Considers Blockchain for Point-to-Point Payments

Credit card giant Mastercard is lining up for blockchain as it files patents to improve the tracking of consumer payments.

The company has expressed that “point-to-point” transactions could be registered efficiently as they are processed using DLT. In line with this patent, other filings remain ongoing. The US Patent and Trademark Office has an outstanding application filed last year entitled ‘Method and system for recording point to point transaction processing’.

Mastercard has made a very clear distinction between blockchain technologies, however, labeling the latter as “junk” in previous comments. In a recent comment, Mastercard stated:

The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform, by enabling data to be stored clearly and in a format that is easily auditable by participating entities. In cases where ledgers like blockchains are used, the leaders may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”

Back in 2016, Mastercard released some preliminary APIs: Blockchain Core API, Smart Contracts API and Fast Pay Network API. The implementation of blockchain technology is set to change the way in which consumers pay for goods and services. Mastercard, like Santander with its blockchain phone app, will be working alongside San Fransisco-based technology firm Ripple to realize its blockchain future.

Another significant patent filed by Mastercard which came to light only recently shows the company’s intent to pursue the viability of blockchain technology. Titled ‘Method And System For Payment Card Verification Via Blockchain’, the patent described a fully functional system that could replace physical credit cards. The patent was originally filed in December 2016 but only became visible to the public earlier this year in June.

American Express also has no intention of being left behind in the blockchain race as these patents wait for approval, continuing to look at ways of incorporating the new technology into its own business model. It has a current patent awaiting approval for offering customer-specific types of rewards including points, a virtual currency, or specific items tied to a product.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Mastercard Considers Blockchain for Point-to-Point Payments appeared first on BitcoinNews.com.

American Express Latest Blockchain Patent Application to Provide Payment Evidence

An application released last week by the US Patent and Trademark Office shows that multinational financial services corporation American Express (AmEx) is seeking to patent a blockchain payment system.

Patent details

The application details a blockchain-based system to aid financial transactions, specifically in terms of confirming transaction totals and merchant identities. It would also encrypt the proof-of-payment details using the blockchain’s public key, maintaining this on a first blockchain node.

This encrypted data would then be propagated to a second blockchain node which would allow a smart device to decrypt this, sharing the information with a secondary smart device and triggering the correct payment to take place.

The concept was developed with the objective of providing a stronger quality of payment evidence for merchants and customers that goes beyond what is offered on a standard receipt. This blockchain solution would have the potential to offer an extended look into the details of each transaction, covering such elements as contract and transaction data.

Patent applications

AmEx has offered a variety of applications for its proof-of-payment concept. This includes circumstances from standard payment operations to customers being able to use the card they made their purchase with to do such things as unlocking a hotel room by retrieving the proof of payment on the blockchain.

While no decision has been made as of yet in regards to hosting the service on a public or private blockchain, the application notes the benefits of a public network’s cumulative computing power in improving security.

AmEx’s blockchain ventures

Earlier this year, AmEx announced it would begin trials for a membership rewards program, utilizing blockchain standardization technology Hyperledger whom they partnered with last January. The open-source project allows a variety of companies to contribute software code, with IBM already participating in this.

Blockchain has been acknowledged by AmEx as still in its early stages of adoption, but it also recognizes it as a rapidly growing industry that it clearly sees as crucial to be a part of.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post American Express Latest Blockchain Patent Application to Provide Payment Evidence appeared first on BitcoinNews.com.

Amex Looks to Blockchain for Customer, Merchant Security

Multinational financial services corporation American Express is exploring the potential of a blockchain solution to increase customer and merchant security.

Vice president of technology at American Express, Tereasa Kastel, spoke at the Oktane 18 conference in Las Vegas earlier this week, discussing the multiple uses for blockchain being explored by the corporation.

Protecting identities and information

As reported by TechRadar, identification security and protecting user information formed the basis of Kastel’s speech. She discussed the prospect of an immutable blockchain solution to American Express’s objective of providing the highest levels of user security and data protection.

“If you’re in this industry, you have to have a voracious appetite for all things identity… to be able to work in a world where there is constant change, you… have to always ensure you can stay ahead of the curve,” she noted.

“Being in the financial industry, we have to be somewhat conservative on what legal and regulatory requirements there are,”‘ she added, commenting on the disparity between government policy, or lack of, regarding blockchain.

Despite this, Kastel said: ”On the other hand, what empowers an individual user to do in terms of controlling their identity, and have that identity be immutable, is something you can’t pass by.”

A blockchain identity wallet

Kastel outlined that initial blockchain probes would be limited to financial transactions. Now, however, she reported American Express is looking into creating a blockchain identity wallet.

”We were starting to explore what would an identity wallet look like, and could blockchain be used to help serve as, both internal, but also external card members and merchants,” Kastel said, detailing a visit to the corporation’s research and development lab.

She added that “American Express is a very innovative company”, in an acknowledgement of blockchain as the next seminal development in the technology industry.

Hyperledger blockchain technology

While Kastel’s talk was predominantly focused on the significant role of blockchain in American Express’s future service development, it coincided with the announcement of the corporation’s utilization of hyperledger blockchain technology.

This is being offered to merchants as an opportunity to create tailormade rewards programmes for individual American Express cardholders.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post Amex Looks to Blockchain for Customer, Merchant Security appeared first on BitcoinNews.com.