Mastercard details a blockchain-based database with the ability of instantaneously processing payments
BEAM Team20 Nov, 2017
Recent patent filings from Mastercard demonstrate how the credit card titan is considering blockchain as a feasible solution for reducing the time required for settling payments.
Based on a patent application published recently by the U.S. Patent and Trademark Office, Mastercard details a blockchain-based database with the ability of instantaneously processing payments, ensuring that sellers don't have to wait days prior to obtaining funds for their goods.
Additionally, the filings suggest that the technology will help the company maintain an archive of these purchases, confirming that a seller was essentially paid after a sale occur.
The records being kept would consist of the purchase amount, a promise of payment, verification of the payment and account profiles for the individuals involved. Such account profiles will also hold user's balance information, as mentioned by the application.
Mastercard has continuously regarded blockchain systems to improve payments. Just recently, the company reported it was unlocking access to the blockchain tools it was creating to enhance business-to-business transactions.
A previous patent application issued in September similarly involved archiving payment records using a blockchain.