Mastercard Patent Filings Tout Blockchain for Immutable Data Records

Mastercard Patent Filings Tout Blockchain for Immutable Data Records

Payment Services Great MasterCard is looking at the use of Blockchain to keep track of consumer payments, new published patent filings tips.

Last week in the U.S. In a series of largely similar patent applications published by the Patent and Trademark Office, MasterCard tells how a distributed account holder can be used to record “point-to-point transactions”. This information can be used by organizations or members of those organizations to create a log of objects obtained during business.

A blockchain ledger, in particular, can be used to organize account management, one of the applications, by simplifying the process in which a purchased order is registered and monitored.

Monitoring purchases on multi-service platforms can likewise be simplified using a blockchain, Mastercard contends in the documents.

“As a result, such a platform may provide a great number of services to entities while the order to do so in a manner that is more secure and transparent than any number of systems dedicated to even a single one of the multiple services,” the patent application states.

As previously mentioned, MasterCard has secured many patents related to the blockchain, one of which gives a description of a method to speed up the cryptocurrency payment. Payment has also indicated his interest in recruiting blockchain experts in the past, in which there is another indication that MasterCard is actively pursuing the technology applications.




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