Public filings show that American Express is planning the use of blockchain within a personalized customer rewards system. The U.S. Patent and Trademark Office published a new patent application that would make customer-specific types of rewards by compiling personalized data about the customer. The filing indicates the financial goliath would make these offers by arranging customized information about the client, for example, their historical patterns in spending.
The characteristics of the blockchain structure used by the application for storing and updating information are;
1) A distributed database for growing list of data records.
2) Enhanced security as each block may hold the results of blockchain executables and individual transactions.
3) A timestamp and a link to a previous block in each block.
When American Express joined Hyperledger blockchain consortium in January, the company suggested that it would like to rework its current services with blockchain structure.
“We’re excited to join Hyperledger, as we’re looking to take full advantage of blockchain to deliver new and innovative products for our customers and partners, while transforming existing business processes and applications”
said Amex chief information officer Marc Gordon.