American Express Looks To Blockchain Technology For Fighting Fraud & ID Protection
In recent times, many financial institutions have been redirecting their focus on the benefits of using blockchain technology within the finance sector. But instead of merely focusing on finance, American Express is eagerly seeking ways in which its customers can be protected against fraud and identity theft.
During the Oktane18 Conference, Teresa Kastel, American Express’ Vice President of Technology discussed ways in which American Express and blockchain technology might come together. She stated that the company is
“starting to explore what would identity wallet look like and could blockchain be used to help serve as well, both internal, but also external card members and merchants.”
This clearly shows that American Express’ endeavor does not only limit to its clients, but rather the mass population. In another instance, the company suggested the possible use of the Hyperledger blockchain technology to better develop its Member Rewards Program for customers.
Kastel strongly believes that this move will not only contribute towards rewarding its customers, but possibly preventing one from having to experience identity theft or fraud. This statement was made in supporting blockchain technology, as transactions cannot be altered in the ledger. She went to address its highly transparency system, as well as its security and efficiently, preventing any trickery from occurring.
To wrap up the matters discussed, Kastel stated that:
“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.”
Looks like American Express will be unfolding the several layers of blockchain technology in helping consumers!