American Express is actively seeking reliable ways to confirm payments. Its new patent application implies that the financial company considers blockchain as a possible solution to this problem.
Last week, the US Patent and Trademark Office published a patent application in which American Express described the use of a "blockchain-based system" to "receive transaction confirmation, including its amount and the seller's identifier." The main purpose of this concept is to increase the number of payment confirmation options between sellers and their customers.
The special attention of the American Express’s patent is devoted to the technology capabilities. Thanks to them, the company will be able to save identification data, as well as transaction information, contracts, payment confirmations, and many more. Such a blockchain network may be public, which means that anyone will be able to see the payment confirmation in the American Express’s network.
The company representatives state that people will be able to enter the concert halls, hotel rooms, cinemas and other places without any additional passes and permits. All you would need to do in order to access a specific place is simply make a prepayment and show the card that can be used to confirm the payment.
It is still unknown whether this blockchain-based system will use a private or a public network since they can both undergo hacker attacks. Nevertheless, the patent application claims that public networks may increase their security level due to the use of aggregate computing power.