In the patent application released by the US Patent and Trademark Office, the company describes a blockchain-based database capable of instantaneously processing payments, guaranteeing that merchants dont need to wait days before receiving funds for their products.
The solution intends to process a guaranteed electronic transaction, and the patent includes info on storing account profile; receiving a transaction message from an acquiring financial institution via a payment network; identifying a specific account profile that includes the specific account number; deducting the transaction amount from the account balance in the specific account profile; generating a record of payment guarantee that includes the transaction amount and data associated with the payment guarantee data, etc.
Mastercard has repeatedly considered blockchain platforms to ease payments. In October 2017, the company announced it was opening up access to the blockchain tools it was developing in order to facilitate B2B transactions.
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