Due to the flexibility of implementing the blockchain technology in any field of activity, many entrepreneurs want to include it in the work of their companies. The American financial giant American Express was no exception, but actually it has already begun to work on testing the suitability of blockchain for the protection of personal data from third parties.
The financial American corporation is not the only one that decided to use blockchain for its environment. Earlier, the international payment system Mastercard became interested in the technology. The corporation allocated funds for a detailed study of innovative technology. The study is aimed at determining the suitability of blockchain in protecting personal information about customers from third parties with evil intentions.
The information on what the corporation is engaged in came from the Vice-President of technologies American Express Teresa Castel. She announced the results of the corporation during her presentation at the Oktane18 conference in Las Vegas.
“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.”
Teresa focused on the benefits that blockchain provides for the entire financial segment. Fraudulent schemes will be disclosed through the public availability of the chain of blocks.
The active interest of American Express is the impetus for other companies to start adjusting to the fast-growing market to stay afloat. Cryptocurrency and innovation are the future best way to attract new customers.