Mastercard Hints at Plans for Blockchain Settlement System

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Mastercardmight be seeking to incorporate blockchain into its payments facilities.

TheU.S. Patent and Trademark Office (USPTO) released a new applicationfrom the monetary giant today that lays out a service for a “uniform settlement system”– one that would assist alleviate a few of the friction included with business-to-business payments. Specific problems mentioned in the application consist of growing information storage needs and the total volume of deals.

Notably, Mastercard recommends in the text that such a system might consist of a blockchain-based journal of deals.

Asthe application describes:

“In some embodiments, the ledger may be a blockchain configured to store the associated data. … In the system, the data values may include the purchase orders, invoices, transaction data, and other data stored in the ledger as discussed herein.”

Mastercardclarified that the blockchain would have the ability to instantly keep in mind all modifications made to the journal, developing an immutable and proven record of all information. As an outcome, destructive users would be not able to customize deals in the system.

Theentry represents the most recent copyright play by Mastercard that conjures up blockchain, in a series of applications that goesback to 2014 Most just recently, in August, the USPTO released an application associated to cryptocurrency-based refunds.

Mastercardimage through Shutterstock

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