A patent application filed by American Express Travel Related Services Co. Inc. was recently published by the United States Patent and Trademark Office. As detailed in the application, the company may use a blockchain database as part of a consumer rewards program.
A patent application by American Express Travel Related Services Co. Inc.
Thus, the innovation revolves around gathering customer data analytics, such as spending trends, which Amex will use to offer incentivized rewards. According to the patent, certain account holders would be eligible for "value added offers" which may involve "virtual currency."
As for the use of a blockchain system, the document implies that the databases that would be utilized to deliver this system might be blockchain-backed.
The blockchain structure may include a distributed database that maintains a growing list of data records. The blockchain may provide enhanced security because each block may hold individual transactions and the results of any blockchain executables. Each block may contain a timestamp and a link to a previous block. Blocks may be linked because each block may include the hash of the prior block in the blockchain. The linked blocks form a chain, with only one successor block allowed to link to one other predecessor block.
A patent application
by American Express Travel Related Services Co. Inc.
This move by Amex might be yet another strong signal that major corporations are actively seeking to integrate the technology into their infrastructures for providing goods and services.