A new patent application recently submitted by MasterCard shows that the company considers blockchain as a possible means of reducing payment settlement time.
In a patent application released by the U.S. Patent and Trademark Office last week, the company described a blockchain-based database that could process payments immediately to ensure merchants do not have to wait a few days to receive payment for their products .
In addition, these documents state that the technology will help the company keep a record of these transactions, proving that the vendor actually received the payment after the product was sold.
The data stored in this database will include the transaction amount, payment guarantee, payment confirmation, and account information of the parties involved. According to the application documents revealed that these account information will also store the balance of each user information.
In a patent application released by the U.S. Patent and Trademark Office last week, the company described a blockchain-based database that could process payments immediately to ensure merchants do not have to wait a few days to receive payment for their products .
In addition, these documents state that the technology will help the company keep a record of these transactions, proving that the vendor actually received the payment after the product was sold.
The data stored in this database will include the transaction amount, payment guarantee, payment confirmation, and account information of the parties involved. According to the application documents revealed that these account information will also store the balance of each user information.
The document explains in detail:
"We needed a technology solution that would ensure payment transactions are conducted in a way that is easily verifiable by financial institutions and / or merchants and that they are guaranteed to be available for many types of payment instruments and types of transactions, including e-commerce transactions. "
MasterCard has repeatedly considered the use of blockchain platforms to facilitate payment. Last month, the company announced it was creating access to blockchain tools it is developing to facilitate inter-firm transactions.
Its patent application, which was released in September, also focused on using the blockchain to store payment history.
"We needed a technology solution that would ensure payment transactions are conducted in a way that is easily verifiable by financial institutions and / or merchants and that they are guaranteed to be available for many types of payment instruments and types of transactions, including e-commerce transactions. "
MasterCard has repeatedly considered the use of blockchain platforms to facilitate payment. Last month, the company announced it was creating access to blockchain tools it is developing to facilitate inter-firm transactions.
Its patent application, which was released in September, also focused on using the blockchain to store payment history.
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