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MasterCard introduces patent for instant Blockchain payments

New patent applications from MasterCard show that the credit card giant is looking at the blockchain as a possible means to facilitate payments.

14.Nov.17 5:16 AM
By Daria Zaytseva


MasterCard introduces patent for instant Blockchain payments

In a patent application published last week by the U.S. Patent and Trademark Office, the company describes a blockchain-based database capable of instantly processing payments, ensuring that traders do not need to wait days before receiving funds for their products.

In addition, applications indicate that the technology would help the firm keep a record of these transactions, confirming that the seller was actually paid after a certain sale.

Stored data includes the transaction amount, payment guarantee, confirmation of the payment and account profiles for interested parties. These account profiles will also store information about the balance of each user, according to the application.

MasterCard has repeatedly reviewed blockchain platforms to facilitate payments. Last month, the company announced that it was opening up access to the blockchain tools that it developed to facilitate transactions between enterprises.

An earlier patent application, issued in September, was also focused on preserving payment histories using a blockchain.

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