An application released last week by the US Patent and Trademark Office shows that multinational financial services corporation American Express (AmEx) is seeking to patent a blockchain payment system.
The application details a blockchain-based system to aid financial transactions, specifically in terms of confirming transaction totals and merchant identities. It would also encrypt the proof-of-payment details using the blockchain’s public key, maintaining this on a first blockchain node.
This encrypted data would then be propagated to a second blockchain node which would allow a smart device to decrypt this, sharing the information with a secondary smart device and triggering the correct payment to take place.
The concept was developed with the objective of providing a stronger quality of payment evidence for merchants and customers that goes beyond what is offered on a standard receipt. This blockchain solution would have the potential to offer an extended look into the details of each transaction, covering such elements as contract and transaction data.
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