Mastercard hints about plans to implement Blockchain

Mastercard may be looking to integrate a blockchain into its payment infrastructure.

23.Sep.17 10:12 AM
By Daria Zaytseva
Photo Toinnov.com

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Mastercard hints about plans to implement Blockchain

This week the U.S. Patent and Trademark Office (USPTO) published a new application from the financial giant, which sets out a solution for the "unified settlement system", which will help alleviate some of the tensions associated with payments between enterprises. The specific problems mentioned in the application include growing storage requirements and total transaction volume.

It is noteworthy that Mastercard suggests in the text that such a system may include a blockchain-based ledger of transactions.

As explained in the application, in some embodiments, the register could be a blockchain configured to store related data.

Mastercard explained that the blockchain would be able to automatically notice all changes made to the book, creating a verifiable and unchanged record of all data. As a result, attackers would be unable to change transactions in the system.

The entry represents the latest intellectual property play by Mastercard that invokes blockchain, in a series of applications that back to 2014. More recently, in August, the USPTO published an application related to reimbursement based on the cryptocurrency.

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