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MasterCard files patent for blockchain-like payment system

/ 06:25 PM November 15, 2017

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A recent patent filed by major credit card company MasterCard suggests that it’s eyeing blockchain technology as a possible means of settling payments quickly and easily.

According to the United States Patent and Trademark Office, MasterCard filed the patent “Method and System For Instantaneous Payment Using Recorded Guarantees.”

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It appears that the technology, as detailed on the patent, would help keep an ongoing record of transactions while verifying payments made after sales.

The patent description reads, “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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Coindesk reports that MasterCard has been actively delving into blockchain technology as of late. A previous patent application in September focused on keeping a record of payments in blockchains.

The company also announced opening up access to internally developed blockchain tools that were meant to facilitate business-to-business transactions. Alfred Bayle/JB

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TAGS: blockchain, MasterCard, patent, payment system, US patent office
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