Mastercard Files Patent to Secure Payments Through New Blockchain System

Mastercard is one of the biggest financial service organizations worldwide. The company processes transactions on credit cards issued by different banks. To make the transaction method more secure, transparent, and fast, Mastercard recently filed a patent for blockchain technology. U.S. Patent and Trademark Office, USPTO, confirmed the patent filling on Thursday.

Blockchain technology is spreading like wildfire across the globe. It is revolutionizing businesses and how they operate on a daily basis. Furthermore, new ventures are coming up with ideas to use this technology for better purposes. Many appear fond of adopting blockchain technology because of the perks it offers. Mastercard has also filed a patent application at USPTO for a “Method And System For Payment Card Verification Via Blockchain”

In the record, Mastercard noticed the powerlessness of existing methods for “wireless transmission of payment credentials,” guaranteeing that they can be, “subject to intercept.”

By actualizing a blockchain, the organization means to empower a protected method for passing payment information. There goal is to include a “minimal participation by the consumer.”

As written in document, the system will save the clients’ card information in picture form on the blockchain. In response, two keys will be issued, a public key and a private key. Whenever a client uses the card for payment, a verification request will be made on the blockchain. At that point, the blockchain system will decrypt the keys to verify payment. Hence, this will facilitate highly secured, fast, and easy payments as the client will also not need to carry credit card as it will already be on the blockchain.

The card check framework on the blockchain isn’t the organization’s first patent with the progressive innovation. In 2014, Mastercard connected to patent a “Technique and System For Instantaneous Payment Using Recorded Guarantees,” which is a super-quick strategy for sending cash, fueled by
blockchain innovation.

In a comparable advancement, the USPTO also affirmed the organizations’ patent for a movement schedule blockchain-based arrangement that would enable explorers to present the movement needs on the blockchain and shippers will have the capacity to see what the customers are searching for and submit offers to render the support of the voyager.

Recently, Ann Cairns said that the organization chose to apply blockchain “at scale” while taking note to distinguish “real use cases.” Cairns clarified that organizations can’t simply, “replace existing technology with blockchain because [they] may not create a better user experience.”