Mastercard Has its Cake and Eats it Too, Applies for Blockchain Payment Patent
Mastercard Has its Cake and Eats it Too, Applies for Blockchain Payment Patent: Credit card companies may want nothing to do with cryptocurrencies, but in the realm of picking and choosing, they have no qualms over seizing its technology, blockchain, for their own benefit. Mastercard at the very least seems to indicate as much, as the credit card company filed a patent on June 7 with the US Patent & Trademark Office for a “method and system for payment card verification via blockchain.” The patent seeks rights over “the verification of payment credentials via the use of blockchains or other publicly accessible data sources, specifically the use of encryption and the transmission of data between a computing device and a point of sale to accommodate the retrieval and usage of verified payment credentials without the use of a traditional payment instrument.”
Payments giant Mastercard applied for patents to use a public blockchain for payment card validation and a travel itinerary bidding system.
Facing the $2 billion issue of stolen credit card payments, Mastercard aims to reduce susceptibility to “skimming” – using a counterfeit card reader to steal payment credentials – through the integration of a public blockchain.
Released on June 8th, the patent application filed with the U.S. Patent and Trademark Office (USPTO) reveals Mastercard’s potential plan to store encoded payment credentials on a public blockchain and use conveyance and retrieval methods to validate each payment card upon the point of sale.