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   2691

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.

Supreme Court of India to Moved Crypto Ban Hearing

Back in April 2018, the RBI forbade controlled institutions to service enterprises and individuals in transactions related to crypto
18 November 2019   54

The Supreme Court of India postponed a hearing in January on the ban of the Reserve Bank (RBI) on the provision of services to companies and individuals related to bitcoin and other digital currencies.

In April 2018, the RBI forbade controlled institutions to service enterprises and individuals in transactions related to cryptocurrencies. The IAMAI industry organization challenged CB restrictions in the Supreme Court. In two previous hearings, the court sided with the RBI.