Financial Giant Amex files Patent for Blockchain system to System to Match Images of Receipts With Stored Records

According to a U.S Patent and Trademark Office (USPTO) patent filing published on Nov. 13, financial services giant American Express has filed a patent for a blockchain -based system to capture and transmit the image of a receipt.

The new filing titled ” Linking digital images with related records, ” includes a brand new method for receiving, recording and transmitting the image of a receipt. The patent applicant is listed as American Express, Travel Related Services CO., Inc., the company travel subsidiary.

The filing is with full description of how the system will help the user with a mobile device to capture the image of a recipient. The system will recognise the image & match it with “relevant records,” namely transaction history via optical character recognition.

The uses of data blocks is mentioned and specifies that ” Any databases discussed herein may include relational, hierarchial , graphical, blockchain or object oriented structure and / or any other database configurations.

Further elaboration of how using blockchain technology is too beneficial especially for data storage.

Earlier in the month of July, there was another patent filed by American Express for a blockchain based system that would ease proof of payments by encrypting payment payloaded data with a public key on an initial node of a blockchain.

Previously this spring, Amex announced it was bringing in together blockchain for increasing customer engagement by letting merchants design customized offers for cardholders.