American Express filed patent for blockchain ‘proof-of-payment’ system
American Express has filed a patent for a blockchain proof-of-payment system that will allow its Travel Related Services to receive “payment confirmation including a transaction amount and a merchant identifer” via the blockchain.
The patent filing was published by the US Patent and Trademark Office on July 12, and shows the credit card provider’s intent to use the technology to collect evidence of payments beyond a receipt or ticket.
The patent filing reads: “A payment processing entity (e.g. a credit card network, bank, debit, Bitcoin, rewards points, or ACH) provides evidence of a payment in a tamper-proof manner by writing the proof of payment to a blockchain.
“A smart device connected to the blockchain may detect the proof of payment, and can extract relevant information. The information may be encrypted on the blockchain such that access is restricted to entities having the correct cryptographic keys.”
The ‘mostly public blockchain system’ will help to retain transaction data, contract data, proof-of-payment data, identification data, and more. American Express has also worked with Ripple in the past on its xCurrent payments system.