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​American Express provides a patent for Blockchain based Payment Proof System

2018-07-13 02:00 pm | Resource: News Section | No Views : 1581

​American Express provides a patent for Blockchain based Payment Proof System The American financial services giant, American Express, has filed a patent for the blockchain-based payment verification system, the United States Patent and Trademark Office (USPTO) said on Thursday (July 12th).
The patent application was filed with American Express Travel Services, Amex's travel arm awareness. The proposed system will automatically automate proof of payment by encrypting the payload data for public key payment on an initial node of the blockchain, the relevant data containing the trader identification information And the amount of the transaction.
According to the patent filing, the encrypted data can then be safely deployed to the second blockchain node. In one of the proposed system configurations, data can then be fetched by a connected smart device that decrypts the payload data for payment and matches it to a second identifier, the customer.
In this way, the insured system of the blockchain can enable intelligent devices to discover the evidence of payment and initiate action to serve the paying customers:
"Payment processing entity (for example, credit card network, bank, Bitcoin, reward points, etc.) provides proof of payment in a counter-tampering manner by writing proof of payment to the blockchain. Information may be encrypted on the blockchain so that access to entities containing the correct cryptographic keys is restricted. "
The patent then identifies the various use cases of such a secured system, suggesting hotel bookings, rental of properties, and ticketless access to events and places. All proposed usage cases may have been facilitated by smart devices uniquely identified by customers that can retrieve and decrypt the stored payment evidence.

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