Mastercard is looking for a patent for instant blockchain payments pro...

Mastercard is looking for a patent for instant blockchain payments processing

in Cryptocurrency, Bitcoin, News
Mastercard is looking at blockchain as a possible means for easing payment settlement times. In a patent application, the company describes a blockchain-based database capable of instantaneously processing payments, and guarantees that merchants don't have to wait long before receiving funds for their products. They mark that the techs will help the firm keep an ongoing record of these transactions, verifying that a vendor was actually paid after a particular sale. The stored database will include a guarantee of payment, the transaction amount, confirmation of the payment and account profiles for the parties involved. The latter will store each users' balance information, according to the application. To ease payments Mastercard repeatedly started considering blockchain platforms. To facilitate business-to-business transactions the company opened up access to the blockchain tools last month. Revealing: Mastercard is a Digital Currency Group`s investor (CoinDesk's parent company)
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