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AMEX now on blockchain: A tamper-proof method to verify payments

Simran Alphonso



AMEX now on blockchain: A tamper-proof method to verify payments
Source: Pixabay

According to the U.S. Patent and Trademark Office [USPTO], American Express filed a patent related to blockchain technology on 12th January 2017. The giant financial corporation’s patent refers to a proof-of-payment system based on the blockchain.

The patent’s applicant is listed under AMEX’s travel wing. American Express Travel Related Services Co.’s proposed system will automate proof-of-payments by encrypting payment payload information.

Patent filed by American Express | Source: USPTO

Patent filed by American Express | Source: USPTO

This will be carried through a public key on an initial node of the blockchain. The patent details a system which uses connected smart devices to perform actions for transactions.

The blockchain-powered platform of AMEX will approve and decline payment requests. The exchange of data will be built on the blockchain while the payment transfers would be done between the senders’ and receivers’ digital wallets.

The patent consists of different use cases for such an anchored and secured system. The greater part of the proposed use cases would conceivably encourage clients for effortless payment schemes. Various gadgets of AMEX can retrieve and decrypt proof-of-payments stored on the blockchain.

For verifying a payment using a blockchain-based system, the system may receive a payment confirmation including a transaction amount and a merchant identifier. A record of this can be selected from a registration repository by matching the merchant identifier to the record. The registered record will have a public key associated with the same via a registration process.

Any device that has been connected to the technology will be capable of decrypting the payment payload, match the identifier from the payment payload to a second identifier present on the same network.

The node can trigger an action in response to the identifier from the payment payload matching the second identifier present on the network. The connected device may also reduce the payment amount of the payment payload in response to triggering the action.

With the help of blockchain technology, the patent propagates the proof of payment concept to various devices in accordance with different embodiments.

In this way, the blockchain-secured system could enable smart devices to detect proof-of-payments and initiate actions to service paying customers. As mentioned in the patent:

“A payment processing entity (e.g., a credit card network, bank, debit, bitcoin, rewards points, or ACH) provides evidence of a payment in a tamper-proof manner by writing the proof of payment to a blockchain. A smart device connected to the blockchain may detect the proof of payment, and can extract relevant information. The information may be encrypted on the blockchain such that access is restricted to entities having the correct cryptographic keys.”

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Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

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