Mastercard’s Patents Use Blockchain To Secure Card Payments, Itinerary Bidding

Payments and technology company MasterCard Inc. has filed a patent to use a public blockchain system for payment card verification. It has also won a patent for a system of itinerary bidding based on a blockchain network.

According to US Patent and Trademark Office or USPTO filing, the patent application – Method And System For Payment Card Verification Via Blockchain- is for a public blockchain-assisted conveyance and retrieval of payment processes to verify and secure users’ information.

In the filing, MasterCard noted that the wireless transmission of payment credentials can be subject to intercept. The company noted that many consumers may feel unsafe to utilize more convenient methods of conveying payment details, instead opting for more secure methods that require additional time and actions to be performed by the consumer.

Sourced through Scoop.it from: www.rttnews.com