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MasterCard has patented a new development based on the blockchain

The US Patent and Trademark Office approved the application for the patent of the worldwide payment system MasterCard, which was filed in March this year.

The company has developed a system that should accelerate and simplify “business to business“ (B2B) transactions in a large-scale corporate environment. This system is set out in a series of three patent applications. Based on the published information, the new system based on the block system will allow storing the data in the system completely structured. They will be available and verified by related firms, and will also remain very resistant to unauthorized intervention.

According to their new patent: “There is a need for a technical solution to create a powerful single settlement system that will help reduce the amount of processing and accelerate the transfer of funds.“

It should be noted that for the company this application for the development of programs based on the blockbuster is not the first. After trying to get a patent back in 2016, MasterCard managed to do it only in early June this year.

Then she started working on a special program for checking different types of coupons, and the technology of the block system was supposed to ensure the security and transparency of each transaction. The program is still under development. It was reported that the user will be assigned a special block-address, and the personal account will also contain information such as a credit card or digital wallet number, as well as the number of coupons available.

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