Blockchain-based Patent To Match Receipt Images With Stored Data Filed By Financial Services Giant Amex 

One of America’s Financial services giants, Amex has just filed a patent for a blockchain-based system that will be used to capture and subsequently transmit receipt images. This is according to the information filed to the United States Patent and Trademark Office. The patent, published on the 13th of November is listed at Amex’s travel related services Co., Inc, a subsidiary travel company of American Express. The title of the filing is: “Linking Digital Images With Related Words”. It has details of how the technology will be applied in recovering, receiving and transmitting receipt images.

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Users don’t need access to a computer to use this technology. All they need is access to a mobile device that will allow them to capture receipt images. The system will use an optical character recognition software to decipher images and match them to related records. The data blocks will include databases like graphical, hierarchical, object-oriented, blockchain structure along with other database configuration.

Blockchain technology is useful in different areas but its usefulness in data storage cannot be overemphasized. The filing stated:

“The blockchain structure will include a distributed database that will keep track of the ever growing list of data records. It will also provide enhanced security since each block will keep track of individual transactions and the results of executables on the blockchain”.

In July, Amex filed a patent for its subsidiary, American Express Travel Related Services Co. This patent was for a system that will automate payment proofs on blockchains by encrypting payment payload data with public keys on the blockchain nodes.

In Spring, Amex also announced that it would be integrating a blockchain-based system that will allow marchants design custom offers for cardholders in a bid to increase customer engagement. The company is trying to leverage blockchain technology in different ways to make its services more efficient.

About Amex

Amex is an acronym for American Express Company. It is a multinational provider of financial services based in America. It’s headquarters is in Three World Financial Center in New York City. Founded in 1850, the company is one of the 30 components of Dow Jones Industrial Average. While it providers various financial services, it is best known for its card services. It provides credit cards, charge cards and traveler cheque for businesses and individuals.

The credit cards from Amex made up for 22.9% of all the cards used in the United States in 2016. It was ranked as the 14th most admired company in America by Fortune in 2017 while Forbes ranked it as the 23rd most valuable company in the entire world. This is why it’s interest in blockchain technology is going to help foster adoption on a global scale.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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