MasterCard Registers Blockchain Patent

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The blockchain integration is finally entering mainstream and even established companies want to use the technology for efficient solutions. On June 8, it was announced that MasterCard was registering patents for the use of a public blockchain.

Businesses can not resist the blockchain

With the increasing acceptance of cryptocurrencies and native decentralized technology, more and more companies using traditional and centralized technologies are magically attracted to the blockchain. They want to use the technical innovation and integrate it into existing infrastructures.

Samsung and Maersk have already come to the taste, they were interested in the blockchain solutions. Blockchain is interesting for the areas of data storage and supply chain.

MasterCard is looking for blockchain solutions

The payment giant filed for patents, for example, to use a public blockchain for validation. The problem with stolen credit cards, which caused over $ 2 billion in damage, needs to be resolved. By integrating a public blockchain you want to get the “skimming” — with a fake card reader stealing payment information — get under control.

The June 8 patent application to the US Patent and Trademark Office (USPTO) reveals MasterCard’s potential plan to store encrypted payment information in a public block chain and use transport and retrieval methods to validate each card locally at the point of sale.

The patent is explained on the website of the USPTO. A blockchain network should exist as an accessible database and machine-readable code should ensure that outlets can locally decode it. In addition to this card verification card, MasterCard has also filed a blockchain-based patent for a “bidding system”.

Public itinerary for cheap deals

This allows travelers to submit their itinerary to a public blockchain, which sends the information to hotels, airlines and other travel services and travel companies. These could theoretically offer offers for reservation options, it follows, so to speak, a kind of bidding battle for the best offer.

The benefits are of course explained on the USPTO website. By using a block chain, it can be ensured that the itinerary is publicly accessible, which would save travelers time and money for the itinerary. Tour operators also had the opportunity to generate and increase revenue.

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