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American Express Launches Patent on Custom Blockchain Reward System

American Express Travel Services Co., Inc., The Company's Travel and Trade Unit American Express Financial Services (Amex), has filed an application. patent for a personalized customer reward system using Blockchain technology. As part of the system, the company will offer customer-specific types of rewards, including points, a digital currency, or specific product-related items.

Based on the patent application published by the USPTO) in mid-October 2017, Amex will offer rewards by collecting personalized data about its customers, including their historical spending habits. The company will use technology as a resource to store and update information.

Part of the application reads:

"The Blockchain structure can include a distributed database that maintains a growing list The Blockchain can provide enhanced security because each block can contain individual transactions and the results of any executable Blockchain Each block can contain a timestamp and a link to a previous block. "

Amex's projects on the Blockchain technology

In its attempt to compete effectively with competitors, credit card provider Amex has also advanced plans to develop Blockchain-based applications, just like its competitors. The company also joined the Hyperledger Blockchain consortium in January to facilitate its technology work. The consortium is led by the Linux Foundation

According to Marc Gordon, the director of Amex information, they joined the consortium at the time to fully exploit what Blockchain has to offer to their customers and partners, as well »19459003

" We are excited to join Hyperledger as we seek to take full advantage of Blockchain to offer new and innovative products to our customers and partners.

Various banks filed patent applications this year, with Bank of America having filed the largest number of patents until now.