MasterCard’s interest in blockchain technology has been peaking over the last couple of months. Now, recent reports indicate that the payment services giant is considering the use of blockchain to better keep track of consumer payments.
According to a recent patent filing, published by the U.S. Patent and Trademark Office, MasterCard explains how distributed ledgers can instantly record point-to-point transactions. The afferent data can then be used by organizations to compile logs consisting of purchased items.
It is important to point out that distributed ledgers have potential in streamlining account management as well – it achieves this by further simplifying the process associated with registering and monitoring purchase orders. With the use of blockchain technology, this can be attained for multi-service platforms as well.
The patent application also mentions: "The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform, by enabling data to be stored clearly and in a format that is easily auditable by participating entities. In cases where ledgers like blockchains are used, the ledgers may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data."
With this in mind, a blockchain-based platform of this type can serve multiple entities, in a more transparent and secure manner that is superior to systems focusing on serving a singular entity.
However, MasterCard’s patent spree doesn’t stop here. In fact, the payment services giant has applied for another blockchain-related patent meant to simplify business-to-business (B2B), high-volume transactions.
In the past, MasterCard has been granted several other blockchain and crypto-related patents. One relevant example is a patent outlining a method that can be used to speed up digital currency payments.
Based on everything that has been outlined so far, MasterCard’s recurring patents, alongside their recent hiring sprees are showcasing the company’s increasing interest in blockchain technology. While many of the systems described in the patents are not yet operational, they surely give us a peek in what’s next.