Mastercard files blockchain patents
Mastercard is aiming to use blockchain technology to better record consumer transactions.
The payments giant’s plans have been revealed in a series of patents filed with the US Patent and Trademark Office in recent days.
Mastercard describes how blockchain technology can be used to log “point-to-point” transactions in real time.
One of the patents details how blockchain technology can streamline account management by more efficiently processing information on purchase orders.
It is described as a “method and system for recording point to point transaction processing.”
“A method for providing a multi-service platform to entities includes the storage of profiles for a plurality of entities involved in services with other entities, including point to point and business to business transactions, including entities not registered, that can be claimed by each entity, where each entity can provide for roles and hierarchies of authorized users of the platform for that entity, and where the platform is configured to provide, among other services, registration of procurement status for purchase orders in a digital ledger that provides for auditability and immutability,” said Mastercard’s application with the US Patent and Trademark Office.
This is not the first time that Mastercard has filed patents on blockchain technology; one of its existing patents relates to faster cryptocurrency payments.
Mastercard claims its proprietary blockchain technology can already power multiple use cases, with particular emphasis on applications in proof of provenance and cross-border B2B payments.