On March 15, 2018, a patent application by American Express relating to systems and methods for Blockchain-based payment networks was published.
American Express wants the patent to cover a system for operating a payment network, where the system allows approval or refusal of a request to complete a transaction for entry on the blockchain, in dependence on the risk associated with the transaction being acceptable.
According to the patent application, the system for operating the payment network with a blockchain-based ledger may prepare a request to complete a transaction from an account associated with a payer digital wallet for entry on the blockchain. The request may include an amount and payee address associated with a payee digital wallet. The system may also send the request to the blockchain using a blockchain interface. The system may approve or decline the request. The system may further adjust a balance of the payer a balance of the payee to reflect approval of the request. The adjustment may include writing the transaction to the blockchain.
Optionally, the system may also register a digital wallet in response to validating a bank account associated with the payee digital wallet against the blockchain.