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.