Crypto at a glance Mastercard's Patents Use Blockchain To Secure Card Payments
Mastercard's Patents Use Blockchain Payments and technology company Mastercard Inc. filed a patent to use a public blockchain system for payment card verification. The company also won a patent for a system of itinerary bidding based on a blockchain network. According to a US Patent and Trademark Office 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.
The patent application dubbed “Method And System For Payment Card Verification Via Blockchain” describes a public blockchain-assisted conveyance and retrieval of payment processes to verify and secure users’ information.
In the document, Mastercard noted the vulnerability of existing means of “wireless transmission of payment credentials,” claiming that they can be “subject to intercept.” By implementing a blockchain, the company aims to enable a secure way of conveying payment credentials that also involves “minimal participation by the consumer.” The recent blockchain application from Mastercard intends to solve the technical challenge of providing both security and convenience: