While Bitcoin May Be a Competitor, Blockchain Might Be the Key

While Bitcoin May Be a Competitor, Blockchain Might Be the Key

The company has come a long way, indeed. You may not remember it, but back in 2014, American Express Chief Executive, Ken Chenault, viewed Bitcoin as a competitor to his company. However, he also said, “The protocol of Bitcoin is going to be important.” One can wonder if he knew the company’s blockchain plans for the future, back then.

Then, American Express made the news in November last year when it announced the creation of a blockchain-based business-to-business (B2B) payments channel enabling businesses between the U.S. and the U.K. the handle payments almost instantly.

The platform came to life from a collaboration with Ripple and Santander UK, a banking firm. “We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served,” said Greg Keeley, executive vice president of global corporate payments at American Express, at the time.