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Archiving of Mastercard Tout Blockchain patents for immutable data records

The master of payment services Mastercard is examining the use of the blockchain to track consumer payments, suggesting new documents filed on patents.

In a series of widely similar patent applications published last week by the US Patent and Trademark Office, Mastercard describes how to use a distributed ledger to record "point-to-point transactions" as they are processed. This information can then be used by organizations or members of such organizations to create a register of items purchased during the course of business.

A blockchain ledger can, in particular, be used to simplify account management, one of the applications explains, simplifying the process in which purchase orders are recorded and monitored.

Monitoring purchases on multi-service platforms can also be simplified using a blockchain, Mastercard contends in documents.

The company goes on to explain:

"The use of digital registers, such as blockchain, can further facilitate the services provided by that platform, allowing data to be stored clearly and in a format easily controllable by participating entities. For cases where master books are used as blockchains, the master books may be provided with even more advantages as they can be immutable and resistant to tampering, which may further increase the reliability of such data. "

"As a result, such a platform can provide a large number of services to entities while doing so in a more secure and transparent way than any number of systems dedicated to even one of multiple services," says the patent application.

As previously reported, Mastercard has obtained several patents related to the blockchain, including one that describes a method for accelerating cryptocurrency payments. The payments giant has also indicated his interest in hiring blockchain specialists in the past, signaling another sign that Mastercard is actively pursuing technology applications.

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