MasterCard filed patent applications for instant payments on blockchain

New patent applications from MasterCard show that one of the largest credit card operators looks at the blockchain as a way to make the calculations more simple and quick. In a patent application published last week in the US Patent and Trademark Office (USPTO), the company describes a database on a blockchain that can instantly process payments, ensuring that sellers do not need to wait a few days to receive funds for their goods.

In addition, the application states that the technology will help to keep a constant record of transactions, confirming that the seller received payment for a particular product or service.In the blockchain will be stored the amount of the transaction, guarantee of payment, confirmation of payments and the profiles of the parties involved in the transaction. In addition, information about the balance of each user. 

As the application details:

"There is 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, and where the guarantee can be used in conjunction with multiple types of payment instruments as well as multiple transaction types, including e-commerce transactions."

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Mastercard has repeatedly considered blockchain platforms to ease payments. Last month, the company announced it was opening up access to the blockchain tools it was developing in order to facilitate business-to-business transactions.

An earlier patent application released in September likewise focused on storing payment histories using a blockchain.