American Express to Develop Blockchain Based Solution

One of the largest bank cards issuer is interested in distributed ledger technology
16 March 2018   614

The international payment giant American Express is actively exploring the possibilities of blockchain technologies to increase the speed of transactions. This is reported by Coindesk with reference to new patent file.

The document, published on the website of the US Patent and Trademark Office, describes a method in which a payment request is first sent to a special blockchain system, the algorithms of which determine whether approve or reject the transfer. A variety of factors are used for the assessment, including risk analysis.

If the payment request is approved, the system automatically processes the transaction, making appropriate changes to the balance of the sender and the recipient. To access the system, users will need to create digital blockchain-wallets. Thus, all payments will be processed directly in the block, bypassing third parties like banks.

The patent also mentions P2P payments made with the help of a blockchain.

A payment network based on peer-to-peer payments may be used to facilitate most functions of traditional card payment networks and to enable additional services and functionality.

American Express' Patent Application

At the same time, the volatility of bitcoin prices and the fact that the first crypto currency is based on a public distributed ledger are called the main reasons why this network does not meet the requirements of American Express.


OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   79

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.