According to a request made to the United States Patent and Trademark Office (USPTO), the Mastercard company has submitted a “transfer and recovery” process to verify the payment credentials of users on a “chain of blocks publicly accessible”.
Through a document it was explained that the bidirectional method will first encode an image of a payment card, and then store it in the Blockchain, after the encryption, with a public and private key.
Then, after a request for recovery when a payment is made, the innovative system will use private keys to decipher the image and thus complete the verification process.
Mastercard explains in the document that when this system is integrated into point-of-sale devices, transactions would be secure, since its not necessary to physically present the card and users should not worry because their payment credentials are stolen from the device.
“The transaction can be carried out by displaying a machine-readable code on the point-of-sale device, which can also prevent fraud and data theft, since the reading of said code can be more easily controlled by means of the control of the underlying screen, it is easily shielded and often darkens when it is in a pocket or purse”, the document quotes.
The decision is part of the effort on the part of the company to improve the common problem of its base card business. According to nearby sources, the theft of cards at ATMs and points of sale in all suppliers represents a loss of approximately US $ 2 billion per year, around the world.
N. Moncada
Source: Coincrispy
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