Mastercard plans to Integrate Blockchain Solutions Into It's Payments System

Mastercard Plans to Integrate Blockchain Solutions Into Its Payments System

There are indications that the MasterCard credit card provider plans to integrate blockchain solutions into the current settlement infrastructure.

Thus, the U.S. Patent Office (USPTO) announced last week that the credit card giant has patented a new solution. Under the name “Method and system for recording point to point transaction processing”, the system aims at the authenticity and the steadily growing number and increased frequency of B2B payments.

Remarkable is the repeated naming of “blockchain” as a distributed ledger (account book) for the high volume of transactions:

In some cases, the account book can be a blockchain configured to store associated data. The system can store data about orders, invoices, transaction data, and other information.

MasterCard explains that all changes can be automatically recorded using a blockchain solution, thus verifying each transaction and making it unchangeable in the history. It could thus be made impossible for fraudsters to change transactions later in the system.

The patent application is the latest from MasterCard. Already in the past the credit card provider filed patent applications in connection with blockchain solutions.