American Express to Develop Blockchain Based Solution

One of the largest bank cards issuer is interested in distributed ledger technology
16 March 2018   406

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.

 

SoftBank & Baidu to Invest in Atlas Protocol

Atlas Protocol was created by Nebulas Labs and xGoogler Blockchain Alliance
21 August 2018   130

The Atlas Protocol marketing module (ATP) has completed a round of attracting initial funding, led by SoftBank China Venture Capital (SBCVC), having collected several million dollars during it.

In a multimillion-dollar round, the exact amount of which was not disclosed, Baidu Ventures (BV), Danhua Capital and Fenbushi Digital also took part.

Atlas Protocol was created by Nebulas Labs and xGoogler Blockchain Alliance (xGBA). The "first developer" of Google Adwords, Jeremy Zhao and Columbia University Professor Ronggui Gu will serve as project advisors on technical issues.

Atlas Protocol plans to create a blockchain ecosystem and "to form a new paradigm of interactive marketing." According to the press release, ATP allows you to rank "calculated values ​​on the block and transfer value using tokens" using the ATP Smartdrop service application.

xGoogler Blockchain Alliance was formed in April this year as a community of former Google employees interested in blockchain technology. Its founders were the developers of projects Nebulas, Loopring and Gifto.