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.