Mastercard Asia to patent Tangle-based device billing system

Friday 28 August 2020 13:46 CET | News

Mastercard's Singapore-based subsidiary filed a patent with the US Patent Office detailing a payment system for using hardware devices based on Iota's (MIOTA) Tangle technology.

The patent claim proposes a pay-as-you-go system that uses a transparent data storage system and aggregation. Users must provide their credentials to gain access to copiers and 3D printers and billed strictly for what they used. The proposed data storage systems could be based on a Tangle or a generic blockchain. The patent makes no mentions of the Iota network or its currency, as the system could also be used in private environments.

The patent claims that such a system would present an improvement over the traditional payment mechanisms commonly used for shared hardware devices. The stated benefits include a higher degree of transparency and trust in the system, the ability to monitor usage in real-time, and the elimination of fees associated with credit cards and other payment systems, according to the official press release.

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Keywords: Mastercard Asia, MasterCard, Asia, Singapore, subsidiary, Tangle, device billing system, US Patent Office, payment system, IOTA, MIOTA, Pay As You Go, transparent data storage, aggregation, 3D printers, billing, blockchain, traditional payments, credit cards
Categories: Banking & Fintech
Countries: Asia
This article is part of category

Banking & Fintech