American Express will use Blockchain technology

American Express will use Blockchain technology

American Express is known in the world of credit cards, among others, for its system of reward points granted to its loyal customers.

It is in this area that the financial giant would like to use the new technology.

Last week, he filed a patent application on a new concept that would offer points, a virtual currency or benefits related to certain products.

In return, this would allow him to store a personalized database of his customers, including for example the history of their buying habits.

American Express explains:

The blockchain structure can include a distributed database that contains a growing list of data records. The blockchain can provide improved security because each block can contain individual transactions and the results of any blockchain execution. Each block can contain a timestamp and a link to a previous block. “

It must be said that many competitors of the financial giant is interested in the new technology, which would explain the research he is currently doing.

In January, American Express joined the Blockchain Hyperledger consortium to rework their customer service.

Max Gordon, Director of Information Amex had said on occasion:

We are excited to join Hyperledger as we seek to leverage blockchain to deliver innovative new products to our customers and partners, while transforming existing business processes and applications.”

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