Various banks have been on a patents filing spree this year, with Bank of America filing the most number of patents so far. Source: American Express Files Patent on Blockchain-Based Personalized Customer Rewards System
Often the question is asked, how does the processing of credit cards actually work. For example, how does Authorize.net or Card Service International or Bank of America process credit card transactions. Well, they essentially, use their economies of scale, to process transactions for you. Companies like Authorize.net et. al. setup elaborate system, networks, infrastructure, etc. to connect …