Mastercard may integrate blockchain into its payments infrastructure

Monday 25 September 2017 11:04 CET | News

The US Patent and Trademark Office (USPTO) has published a new application from Mastercard that outlines a solution for a “uniform settlement system”.

The solution aims to ease some of the friction involved with business-to-business payments. The large card company suggests in the text that such a system could include a blockchain-based ledger of transactions. Specific issues cited in the application include growing data storage demands and the overall volume of transactions.

The company clarified that the blockchain would be able to automatically note all changes made to the ledger, creating a verifiable and immutable record of all data. Therefore, malicious users would be unable to modify transactions in the system.

The entry represents the latest intellectual property play by Mastercard that invokes blockchain, in a series of applications that goes back to 2014. Most recently, in August 2017, the USPTO published an application related to cryptocurrency-based refunds.

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Keywords: US Patent and Trademark Office, USPTO, MasterCard, blockchain, payments, innovation, payments settlement, US
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies