Mastercard Has Applied For Public Blockchain Patent
Blockchain integration is finally gaining popularity and making its presence felt. Most of the industries are exploring the possibilities it has to offer and some established companies are even using it to find solutions for their problems.
In fact, on June 8th MasterCard submitted an application for patent to use a public blockchain service.
1. Industry Giants Can’T Ignore Blockchain
Blockchain technology has provided solutions for many problems like payment friction, peer to peer exchange and network validation.
Cryptocurrency and decentralized technology have found acceptance and many more companies are trying to integrate blockchain into existing infrastructures they are having and in turn, moving away from their traditional background.
Amongst others, Samsung and Maersk are also moving towards Blockchain and using it for supply chain and data solutions.
2. Mastercard Is Looking Forward To Blockchain Solutions
MasterCard recently applied for patents so that it could use a public blockchain which could help in payment card validation and a travel itinerary bidding system.
In the past, MasterCard has faced a $2 billion issue of credit card payments getting stolen by using a counterfeit Card reader. To avoid that Master card wants to integrate the same with a public blockchain and reduce chances of the same happening again.
The patent was released on June 8th and it showed MasterCard’s plan to store all the payment information on a public blockchain. Later conveyance and retrieval methods would be used to validate the authenticity of each of the payment card used.
Apart from this patent MasterCard also won another patent which would give it the permission to have an itinerary bidding system in its blockchain network.
As per this application, the travelers can submit their itineraries to a blockchain system from where this information would then go to hotels, airlines and any other travel services which respond back with their reservation quotes.