American Express Files Patent on Blockchain-Based Rewards System1 min read

American Express Blockchain

American Express Travel Related Services Co., Inc., the travel and merchant unit of financial services firm American Express, has filed a patent for a personalized customer reward system using Blockchain technology. Under the system the company will offer customer-specific types of rewards that include points, a digital currency, or specific items linked to a product.

Based on the patent application published by the US Patent and Trademark Office in mid-October 2017, Amex will provide rewards by collecting personalized data about its customers, including their historic spending patterns. The company will use the technology as a resource for storing and updating information.

Blockchain Technology

In its bid to effectively compete against its competitors, credit card provider Amex has also advanced projects to develop applications based on Blockchain just like its competitors. The company has also joined the Hyperledger Blockchain consortium in January to facilitate its works on the technology. The consortium is led by the Linux Foundation.

According to Amex chief information officer (CIO) Marc Gordon, they joined the consortium at the time to fully exploit what Blockchain has to offer for their customers and partners, as well as in transforming their own business processes and applications.

Various banks have been on a patents filing spree this year, with Bank of America filing the most number of patents so far.

By Cointelegraph

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