MasterCard Files Patents for Blockchain-Payments-System With Instant

Blockchain technology is revolutionizing the way we do digital transactions across the globe thereby making them faster, cheaper and more secure. Several government bodies and big corporations have now started to realize the future potential of blockchain technology and are now actively participating in this technological process.

MasterCard, a leading global payments and technology company connecting consumers and businesses around the world, has been an active participant in the blockchain revolution. Earlier this year, the company announced that it has opened up access to its blockchain tools which the company has been developing in order to improvise business-to-business transactions.

MasterCard said that its blockchain tools will "address challenges of speed, transparency and costs in cross-border payments.” It further added that these tools will provide a “new way for consumers, businesses, and banks to transact and is key to the company’s strategy to provide payment solutions that meet every need of financial institutions and their end-customers.” Now, MasterCard is encouraging several businesses to develop and integrate their payment services using their (MasterCard’s) blockchain APIs and thus build their own cases thereby creating unique transaction types.

Now moving ahead in its pursuit of revolutionizing the payments process through Blockchain technology, MasterCard has filed a patent application with the U.S. Patent and Trademark Office which basically aims at speeding up the payments-settlement time. The newly proposed blockchain-based database would be capable of instantaneously processing payments and will see to it that merchants will not have to wait for days together before receiving their funds.

Additionally, the filings also read that such a technology would keep an ongoing record of transactions and will verify that the vendor has been actually paid after any particular sale. The database will comprise of information like the amount of transaction, a guarantee of payment followed by confirmation of payment as well as account profiles of all the parties associated. All the individual account profiles will also store user’s balance information as per the application.

The patent application further reads as “There is a need for a technical solution where a payment transaction can be guaranteed in a manner that is readily verifiable by an acquiring financial institution and/or merchant, and where the guarantee can be used in conjunction with multiple types of payment instruments as well as multiple transaction types, including e-commerce transactions.”

MasterCard seems to be aggressively pursuing this task of solving the issue related to delay in processing of payments. Such a solution will be a long-term relief for investors who can instantaneously withdraw their own money at their discretion.