American Express Is Developing A Blockchain System For Verification Of Cash Receipts By Photo

American Express Finance Corporation has applied for a patent describing a solution for recognizing cash receipts and payment receipts from photos. Then, during the verification process, this data is compared with information about financial transactions, which is stored in the blockchain.

The American financial Corporation American Express (Amex) has applied for a patent for a blockchain system to capture and transmit images of cash receipts.

The author of the application is the division of the Corporation for the tourism sector, Amex. The proposed solution allows the user to fix the image of the cash receipt or receipt using a mobile device. Then, using “optical character recognition”, the system decrypts the image and compares the data with the transaction history records.

The system uses “data blocks”, and, as specified in the application,”these databases can have a relational, hierarchical, graphical, distributed and any other object-oriented structure.”

In particular, the application notes the advantage of using blockchain technology for data storage:

“The blockchain structure can include a distributed database to manage the list of records. Blockchain can provide increased security, because each block separately stores information about transactions and other results of operations.”