American Express could be set to push even further into blockchain research that could revolutionize the way its users stay secure from fraud.
The card provider is investigating ways in which blockchain can be used for safeguarding user identities, as well as helping merchants securely process transactions, a senior company executive revealed.
Speaking at the Oktane18 conference in Las Vegas, Tereasa Kastel, American Express VP technology, said that the company was examining several avenues for blockchain.
“American Express is a very innovative company. They were working on blockchain specifically for financial transactions, but we were starting to explore what would an identity wallet look like, and could blockchain be used to help serve as, both internal, but also external card members and merchants.”
One of the cornerstones of both the conference and the developments American Express is striving to make according to Kastel is in the field of identification security. She noted that blockchain can play a crucial part in the company’s goal of providing a secure chain of transactions to protect users identities and keep information safe at all times.
This can also be used in the fight against fraud. Because records cannot be changed in the ledger, it allows for tamper-proof transactions. In addition, there is a high level of transparency, essentially leaving fraudsters no place to hide as every record’s life cycle can be traced.
“Being in the financial industry, we have to be somewhat conservative on what legal and regulatory requirements there are. On the other hand, what empowers an individual user to do in terms of controlling their identity, and have that identity be immutable, is something you can’t pass by” She said before adding “If you’re in this industry, you have to have a voracious appetite for all things identity…to be able to work in a world where there is constant change you…have to always ensure you can stay ahead of the curve.”
Blockchain can play a crucial role for merchants and customers alike, Kastel noted, possibly helping provide a reliable and secure chain of transaction that keeps users safe from fraud at all times.
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