MasterCard applied for new blockchain patents
The multinational developed a system that will allow companies to operate more efficiently and securely with the B2B platform
The MasterCard company requested in the month of March new patents for blockchain transactions in order to test the new system that it devised.
Last Thursday, the United States Patent and Trademark Office (USPTO) published the three requirements made by the multinational firm based in New York, United States.
“Currently, existing settlement systems often operate using the settlement of individual payment transactions. For example, after a transaction is processed, the issuing bank will transfer funds for that single transaction to the settlement network, which will then forward the funds for that single transaction on to the acquiring bank”, wrote the experts.
According to MasterCard, there is currently a need for a single payment system that allows companies to operate with the B2B platform more efficiently and that the best way to achieve this is through blokchain technology.
Thanks to the chain of blocks, information could be stored in a much more accessible and auditable format for the companies that are related, as well as avoiding undue manipulation by users.
K. Tovar
Source: CNN
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