Showing posts with label patents. Show all posts
Showing posts with label patents. Show all posts

October 24, 2017

American Express files patent on Blockchain-Based Personalized Customer Rewards System

By Lisa Froelings - October 24, 2017 (

American Express Travel Related Services Co., Inc., the travel and merchant unit of financial services firm American Express (Amex), 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 (USPTO) 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.

Part of the application reads:

"The Blockchain structure may include a distributed database that maintains a growing list of data records. The Blockchain may provide enhanced security because each block may hold individual transactions and the results of any Blockchain executables. Each block may contain a timestamp and a link to a previous block."

Amex’s projects on 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.

"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.”

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

October 21, 2017

Bank of America files patent for Blockchain-based processing system

By Lisa Froelings - October 21, 2017 (

Bank of America has filed a pair of patents for a Blockchain-based system aimed to improve the tracking of file transfer processing in real time. Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process.

Based on the patent applications as of mid-October 2017, the bank proposes the use of a Blockchain to facilitate the transferring of large volumes of data while simultaneously tracking the data through the use of cryptographic keys during the transfer process.

The system will be able to handle two types of data processing, namely, the actual data transfer itself, and the log of the cryptographic keys identifying each data packet and its present processing stage.

Part of the patent applications read:

"The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files."

Bank of America’s research efforts on Blockchain

The latest applications are part of the major American bank’s effort to establish a portfolio of protected applications of Blockchain technology. The bank has already filed over 20 patents related to the technology or digital currencies since 2014 as of August.

Among the patents filed are three patents based on the use of distributed ledgers to authenticate the veracity of information and the parties who handle it and two patents based on a peer-to-peer (P2P) payment system that is powered by a Blockchain. The mega-bank has also filed a batch of patents covering almost the entire cryptocurrency exchange and payment process including transaction validation, risk detection, real-time conversion, as well as online and offline storage.