Published on November 14th, 2017 | by bitcoin0
Patent for Instant Blockchain Payments Processing Sought by Mastercard
New patent filings from Mastercard show how the credit card giant is looking at blockchain as a possible means for easing payment settlement times.
In a patent application released last week by the U.S. Patent and Trademark Office, the company describes a blockchain-based database capable of instantaneously processing payments, guaranteeing that merchants do not need to wait a few days before receiving funds for their products.
The data being stored would include the transaction amount, a guarantee of payment, confirmation of the payment and account profiles for the parties involved.
Last month, the company announced it was opening up access to the blockchain tools it was developing in order to facilitate business-to-business transactions.
An earlier patent application released in September likewise focused on storing payment histories using a blockchain.