Image default
News

Mastercard Has Applied For Public Blockchain Patent

How-To-Do-B2B-Blogging

Blockchain integration is finally gaining popularity and making its presence felt. Most of the industries are exploring the possibilities it has to offer and some established companies are even using it to find solutions for their problems.In fact, on June 8th MasterCard submitted an application for patent to use a public blockchain service.

 

1. Industry Giants Can’T Ignore Blockchain

Blockchain technology has provided solutions for many problems like payment friction, peer to peer exchange and network validation.

Cryptocurrency and decentralized technology have found acceptance and many more companies are trying to integrate blockchain into existing infrastructures they are having and in turn, moving away from their traditional background.

Amongst others, Samsung and Maersk are also moving towards Blockchain and using it for supply chain and data solutions.

 

2. Mastercard Is Looking Forward To Blockchain Solutions

MasterCard recently applied for patents so that it could use a public blockchain which could help in payment card validation and a travel itinerary bidding system.

In the past, MasterCard has faced a $2 billion issue of credit card payments getting stolen by using a counterfeit Card reader. To avoid that Master card wants to integrate the same with a public blockchain and reduce chances of the same happening again.

The patent was released on June 8th and it showed MasterCard’s plan to store all the payment information on a public blockchain. Later conveyance and retrieval methods would be used to validate the authenticity of each of the payment card used.

Apart from this patent MasterCard also won another patent which would give it the permission to have an itinerary bidding system in its blockchain network.

As per this application, the travelers can submit their itineraries to a blockchain system from where this information would then go to hotels, airlines and any other travel services which respond back with their reservation quotes.

 

Disclaimer   :

Blockchain Magnets provides general information about financial products and services that should not be construed as financial advice or recommendations of particular financial products or services. It is advisable to obtain appropriate advice from an appropriately authorised financial planner or investment adviser before making any investment decisions or before purchasing financial products or services. Read more here .

How-To-Do-B2B-Blogging

Related posts

World’s Second Largest Software Company Oracle To Offer Blockchain Products

Vikash Kumar

El Salvador Becomes First Country To Accept Bitcoin As Legal Tender

Virangana Shrivastava

Is Bitcoin A Delusion? Warren Buffett Says So!

Admin

New Trade Organization, CMTA To Promote The Blockchain Technology In Switzerland

Shweta Bhatanagar

Former JP Morgan Head Announces New Blockchain Startup, Clovyr

Vikash Kumar

Supreme Court Quashes RBI’s Ban On Cryptocurrency

Admin