The American credit card producer registered a few days ago a new patent that is willing to make transactions much quicker. We all know that blockchain technology will be highly disruptive for technology in general like Microsoft announced, since they’ll use blockchain solutions for users’ data protection, but mostly for payment systems.
As it was described this technology should make it possible for the payee to receive a request for accepting the payment and, if the approval happens, the transaction happens and both accounts get adjusted.
This means that both payer and payee should have a digital wallet but it should cut the third part off such as a bank. American Express clarified that bitcoin cannot be used mostly because of it’s high volatility. Also a public ledger could not satisfy the consumers request but it would be managed by the company itself.
The company also stated that blockchain solutions could also improve credit cards efficiency. This is not the first time that AXP shows interest in this new technology.
Also Mastercard (NYSE:MA) and Visa (NYSE:V) showed a big interest into blockchain solutions and they’re also working with IBM (NYSE:IBM) to implement their research.
Also Eric Ervin, president and CEO of Reality Shares (NASDAQ:BLCN), stated in an interview for Bloomberg clarified how blockchain should make financial institutions and financial services more efficient and the myth of a technology which could make these companies obsolete is completely wrong.