Mastercard and Blockchain?
The US Patent and Trademark Office (USPTO) this week released a new application from a financial giant that presented a “one-stop-shop” solution that could help reduce payment problems in businesses. The specific issues mentioned in the application are the increasing storage requirements and the overall size of the transaction.
In particular, as Mastercard suggests, such a system may use Blockchain technology.
“In some cases, Ledger can be based on Blockchain to store associated data. […] In the system data values can include purchase orders, invoices, transaction data and other data stored in the records.”
Mastercard explained that Blockchain will be able to automatically record all changes made to records, creating a verifiable and unchangeable record of all data. As a result, users will not be able to modify transactions on the system. This entry is the latest intellectual property Mastercard, which introduces Blockchain to a number of applications that go back to 2014. Recently, in August, the USPTO published an application for cryptanalyst-based refunds.
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