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   2586

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.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.