The American operator of payment cards American Express introduces the blockchain in their bonus program in cooperation with the digital retailer Boxed.
On Wednesday, the company announced that uses the blockchain Hyperledger, in order to give sellers the option to create own reward program for American Express card holders. During initial testing with Boxed, participants will be able to earn five times more points for buying certain products.
American Express will create in your blockchain closed channel with each seller to facilitate the transfer of information. Then the company will be able to create smart contracts, which will automatically execute the applications under the rewards program. After the system start work, «smart contracts will automatically transfer the information without confidential personal data to American Express through its private blockchain channel», — stated in the message of the company.
As a result, the seller will be able to monitor their proposals, and adjust the remuneration structure. In addition, the company will be able to «assign bonuses for the number of purchased products on the level of inventory units». While American Express reserves the right to adjust promoted products or brands.
AMEX believe that the company will be able to provide traders new system, «within a few weeks» compared to the months that are now required to establish new partnerships.
It is noteworthy that this is not the first step American Express to implement a bonus system on the blockchain. Last year, the company filed a patent application outlining the rewards program stored in the blockchain. American Express also does not remain aside and from work cryptocurrency industry. Last autumn, the firm together with the Spanish Bank Santander UK has launched a new payment corridor between the US and the UK using a distributed Ripple network.