The Mastercard Corporation has made an application with the U.S. Patent and Trademark Office for instant blockchain-based processing of payments.

The company plans to create a database to keep a record of transactions, including payment amounts, guarantees of payment, confirmations of payment, users’ balance information, and some other data.  The application says that there has long been “a need for a technical solution where a payment transaction can be guaranteed in a manner that is readily verifiable by an acquiring financial institution and/or merchant. The guarantee can be used in conjunction with multiple types of payment instruments as well as multiple transaction types, including e-commerce transactions”.

Besides, Mastercard plans to implement blockchain-based technology in B2B transactions to increase transparency and speed of cross-border payments.

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