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Credit card giant Mastercard is lining up for blockchain as it files patents to improve the tracking of consumer payments.
The company has expressed that “point-to-point” transactions could be registered efficiently as they are processed using DLT. In line with this patent, other filings remain ongoing. The US Patent and Trademark Office has an outstanding application filed last year entitled ‘Method and system for recording point to point transaction processing’.
Mastercard has made a very clear distinction between blockchain technologies, however, labeling the latter as “junk” in previous comments. In a recent comment, Mastercard stated:
“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 leaders may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”
Back in 2016, Mastercard released some preliminary APIs: Blockchain Core API, Smart Contracts API and Fast Pay Network API. The implementation of blockchain technology is set to change the way in which consumers pay for goods and services. Mastercard, like Santander with its blockchain phone app, will be working alongside San Fransisco-based technology firm Ripple to realize its blockchain future.
Another significant patent filed by Mastercard which came to light only recently shows the company’s intent to pursue the viability of blockchain technology. Titled ‘Method And System For Payment Card Verification Via Blockchain’, the patent described a fully functional system that could replace physical credit cards. The patent was originally filed in December 2016 but only became visible to the public earlier this year in June.
American Express also has no intention of being left behind in the blockchain race as these patents wait for approval, continuing to look at ways of incorporating the new technology into its own business model. It has a current patent awaiting approval for offering customer-specific types of rewards including points, a virtual currency, or specific items tied to a product.
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