American Express Announces the HyperLedger Project!!!

On January 30th, American Express announced its entry into the Hyperledger Project, where it will pursue the goal of exploring and developing projects with one of the technologies that is drastically modifying the way the financial industry works: blockchain.

The credit services company, aware of the need to reinvent its operating methods to maintain itself as a competitive company in the financial market, considers distributed accounting as a protocol that will change to the banking industry, especially for digital payment systems . For this reason they are interested in exploring and testing the uses that can be made of it.

American Express hopes to be able to continue to offer its global customers new products adapted to what will be the future of the financial industry, which seems to be quite close to the development of the blockchain ecosystem.

This decision comes after the investment firm American Express Ventures, will make an investment in the startup Open in September 2015, raising a total of $ 12 million. Open is an application for making electronic payments and storing digital assets on a blockchain platform.

American Express's decision to join the Linux Foundation collaborative project also responds to a New York-based company concern expressed in an article by Mike Faden on the interoperability of the various block chains being built and currently implemented in Operating environments.

In this article it is noted the clear intention of the financial group to know and later join the efforts of development of standardized block chains, which allow the communication between the different protocols of the technology that supports cryptones. Since they consider that one of the most important benefits of using technology is the possibility of making cross-border payments in a fast, less expensive and without intermediaries.

At present, blockchain technology is facing great challenges as the world advances the tendency to adopt it massively. Among the major challenges facing the different industries that are betting on blockchain as an ideal mechanism for cross-border trade, it is envisaged that regulatory standards will allow interoperability between different platforms under multiple payment systems, with a legal framework that is adjustable and beneficial to all the parts. It is expected that throughout the year reports will be received about the results of the tests, as well as announcing several projects to be developed with Hyperledger.