Mastercard may try to integrate Blockhain with its payment infrastructure

09/22/2017

The Patent and Trademark Office in the US (USPTO) has released this week a new application from the financial giant, which presents a solution for a “uniform billing system” that would help reduce the problems related to payments in companies. Specific requirements mentioned in the application are the increasing requirements for data storage and the overall transaction size.

In particular, as Mastercard suggests, that such a system can use Blockchain technology.

In some cases Ledger can be based on Blockchain to store associated data. […] In the system, the data values ​​may include purchase orders, invoices, transaction data and other data stored in the records.

Mastercard explained that Blockchain will be able to automatically record all changes made to the records, creating a verifiable and unchangeable record of all data. As a result, users will not be able to modify transactions in the system.

The entry is the latest intellectual property of Mastercard, which introduces Blockchain to a range of applications that date back to 2014. Recently, in August, the USPTO has published an application regarding cryptocurrencies-based refunds.