Credit Card Giant Mastercard Applies for Instant Blockchain Payments Patent

Mastercard

Credit card giant Mastercard is looking at blockchain as a possible means for easing payment settlement times. Specifically, the company is awaiting new patent filings.

The patent application was released last week by the U.S. Patent and Trademark Office, revealing the description of a blockchain-based database capable of instantaneously processing payments, guaranteeing that merchants don’t need to wait days before receiving funds for their products.

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Further, the filings reveal that the tech would help the firm keep an ongoing record of these transactions, verifying that a vendor was actually paid after a particular sale.

The data being stored would include the transaction amount, a guarantee of payment, confirmation of the payment, and account profiles of the parties involved. These account profiles will also store each user’s balance information, according to the application.

Specifically, the application states, “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 has been consistently inquiring into blockchain platforms to ease payments. Just last month, the company had announced that it was opening up access to the blockchain tools it was developing in order to facilitate business-to-business transactions.

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