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Mastercard Patent Filings Indicate Interest in exploring applications of Blockchain Technology

By November 14, 2018 No Comments

MasterCard, the payment services leader, is considering using blockchain to keep track of consumers payments according to recently published patent filings.

In a set of very similar patent applications published recently by the US Patent and Trademark Office, MasterCard has defined how blockchain can be utilised to record “point-to-point transactions” as they are processed. This data can then be utilised by companies or members of these companies to put together a log of products procured during the course of business.

Blockchain can be used to simplify management of accounts by streamlining the process in which purchase orders are registered and monitored. Keeping track of purchases on multi service platforms can also be streamlined by using Blockchain based on what MasterCard has outlined in the documents.

The firm goes on to explain:

“The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform, by enabling data to be stored clearly and in a format that is easily auditable by participating entities. In cases where ledgers like blockchains are used, the ledgers may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”

“As a result, such a platform may provide a great number of services to entities while doing 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.

MasterCard has sealed many patents with respect to blockchain, including one that explains a way to increase the speed of digital currency payments. MasterCard has also clearly expressed an interest in hiring blockchain specialists in the past which is an additional hint that they are aggressively pursuing applications of the technology.

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