By Nikhilesh De October 23, 2017
The travel and merchant arm of American Express may be weighing the use of blockchain within a personalized customer rewards system, public filings show.
A new patent application published last week by the U.S. Patent and Trademark Office details a concept for offering customer-specific types of rewards (including points, a virtual currency or specific items tied to a product). The filing indicates the financial giant would make these offers by compiling personalized data about the customer, such as their historic spending patterns.
The application cites the tech as one resource for storing and updating information among a number of possible approaches, detailing:
“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.”
More at: American Express Eyes Blockchain for Customer Rewards System – CoinDesk
The US Department of the Treasury’s Bureau of Fiscal Services has announced that it is piloting the use of distributed ledger technology (DLT) to monitor the movement of physical assets like smartphones and computers. A yet-to-be-named contractor will be hired as a partner in developing the prototype system.
As part of the project, the Treasury will determine whether its physical assets can be tracked and reconciled in real-time as they are transferred from person to person. It will use Blockchain technology to make digital records of the transfers. The bureau will also study other possible use cases of the technology, particularly in the improvement of processes for the management of government finances.
According to Assistant Commissioner John Hill, they intend to identify the opportunities where technological innovations are used to improve efficiency, accountability, and customer service in government agencies.
“There are many exciting innovations coming out of the commercial sector that can be applied to federal financial management. I hope that these two pilot projects identify the opportunities where the innovations will have the most impact on efficiency, accountability and customer service.”
More at: US Treasury Pilots Blockchain-based Asset Tracking System – The Cointelegraph