American Express Documents New Blockchain Patent. Ever thought of using Blockchain technology to take a simple image of a receipt and check it against a database of stored records? Probably not, but we may when American Express completes its recent project.
American Express (Amex), the financial services behemoth, has filed a patent for a blockchain-based system that captures and transmits the image of a receipt to check it against a blockchain, according to a patent filed with the U.S. Patent and Trademark Office (USPTO), published on Nov. 13.
The filing is dubbed as “Linking digital images with related records”. Simply put the system lets a user with a mobile device capture the image of a receipt, then it makes use of “optical character recognition” to comprehend the image and match it with pertinent records. The document mentions data blocks that will use as databases to include hierarchical, relational, graphical blockchain information and other database configurations. Also, it may bring benefits for data storage that are further elaborated upon, like maintaining a growing list of data records and providing the enhanced security needed for each block to hold individual transactions and blockchain executables.
Not The Lone Warrior
Earlier in July, American Express Travel Related Services Co. filed another patent that also included the blockchain technology. This specific patent will use for the automation of proof of encrypting payment service that could be used with a public key on the initial node of technology like blockchain.
Amex is constantly looking for ways to make the lives of its customers easier and to get an edge in the market, so using blockchain technology and filing for patents is an efficient way of doing it.
American Express is also far from being the first company to look for blockchain patents. Several other companies, including giants of the tech industry, have been filing for patents recently too. American companies such as IBM, Amazon, and Microsoft are some that have filed for the most patents in the U. S. Patent Office.
Simultaneously, in China, there are significant advancements for blockchain patent filing. Giants like Alibaba and several state-based tech companies file for Blockchain patents as there is a relentless marathon for securing the best patents first and companies that are able to do it will have the means to lead in their respective industries.