Mastercard has submitted a patent application to the US Patent & Trademark Office (USPTO) for a system that is authenticating cards at the point of sale (POS) using blockchain technology. The company has always been outspoken about numerous flaws of traditional payment services and security platforms stating those are prone to breaches, error, and manipulation. They believe their clients perceive blockchain-based currencies as a confidential and secure alternative.
Although the submitted title of the filling is “Method and System For Instantaneous Payment Using Recorded Guarantees” and the title doesn’t clearly say “blockchain”, it is obvious that Mastercard has developed its own ledger for verification of payment credentials by retrieving bank card user information. The 95 mentions of the word “blockchain” in the patent document are good proof of that. It seems that in this solution machine-readable code is displayed to the point of sale device. Using a system like this prevents card-skimming as the reading of such a code can be easily controlled by the user. One-way blockchain functions enable complete safety for payment processing.
Statistically, the payments industry is losing $2 billion annually due to hijacked credit card …
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