American Express to use a blockchain database

American Express to patent aspects of a rewards program that might include a blockchain database
27 October 2017   2093

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.
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.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   55

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.