All the financial services groups are researching on Blockchain technology solutions to improve their client’s experience and enhance their security. Financial institutions are the most common victims when it comes to identity theft or for online financial transactions. Blockchain technology can provide them with the best solutions for financial frauds and identity theft.
American Express or most commonly known as AMEX is a US-based financial corporation, switching over to Blockchain technology solutions supporting cryptocurrencies, AMEX is not the only financial corporation researching on Blockchain technology but their fellow corporations like Visa and Mastercard are also joining AMEX to protect the finances and identity of their customers.
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 Tereasa Kastel, VP of Blockchain Tech AMEX
She further explained during Oktane 18 Conference in Las Vegas that AMEX would be using Hyperledger Blockchain technology to help the merchandisers to develop a customized membership reward programs.
More Benefits of Blockchain Technology
- Provide a perfect solution to the cardholder to protect their identities.
- Protect the customer against any financial frauds as records cannot be changed in the ledger, means tamper-proof transactions
- Provide high level of transparency as every transaction’s life cycle and records can be traced.
- Its a major Draw-card to attract new customers and retain the existing ones.
Blockchain technology solutions are not just for financial industry, rather it is exactly what a business needs to run more securely and efficiently.