Mastercard patents the use of blockchain to create immutable consumer payment logs
Payment giant Mastercard is considering using blockchain to track consumer payments, CoinDesk writes, citing several of the company’s patent applications..
In a series of largely similar patents published last week by the US Patent and Trademark Office, Mastercard describes how a distributed ledger can be used to record “end-to-end transactions” as they occur. This information can then be used by organizations to create a log of events that occur during the operation..
The blockchain ledger, in particular, can be used to streamline account management by simplifying the registration and order tracking process. Similarly, using the blockchain, the processes of monitoring purchases in systems with support for many services can be simplified, writes Mastercard.
“The use of digital ledgers such as blockchains can help deliver the services of such platforms by transparently storing data in a format that can be easily verified by participating individuals. Where registries such as blockchains are involved, they can be even more useful because they are immutable and tamper-proof, which can further improve the reliability of such data, ”the company explains. “Thus, such platforms can provide a huge number of services to the participants, while remaining more secure and transparent than any other system focused on performing even one of many tasks.”.
To date, Mastercard has already obtained several patents in the field of blockchain, including a patent for a technology to accelerate cryptocurrency payments. The payments giant has reported in the past that it is interested in hiring blockchain specialists, thus reaffirming its interest in the technology..