MasterCard is one of the latest entities among the payment service giants to adopt blockchain in order to keep a track of consumer payments.
The U.S. Patent and Trademark Office published a series of patent applications where Mastercard outlined how a distributed ledger technology (DLT) can be used to enable secure storage of key data for transactions, including point-to-point and business-to-business transactions.
A blockchain ledger can simplify the process in which purchase orders are registered and monitored as well as monitoring purchases on multi-service platforms.
Mastercard has secured a number of patents related to the blockchain, including the one that uses a method to accelerate the cryptocurrency payments. As of August 10, Mastercard had 80 patents filings linked to blockchain-related technologies.
Finrazor provides an overview on enterprise blockchain adoption in the recently published article on how corporate giants are exploring blockchain technology.