The financial services titan Mastercard is finally looking into the blockchain too. It has filed a patent application to the U.S. Patent and Trademark Office which indicates that it intends to put credit cards on DLT.
Mastercard Jumps on a Blockchain-Bandwagon
A giant in the sphere of payments is looking at possibilities of using DLT, blockchain in particular, in safely verifying payment cards at the moment of sale. In accordance with a filed application, which has been released this week, Mastercard has created some transfer and restoration processes that are involved in the verification of client’s payment data via blockchain, available for the society.
What Are The Features Of The Patent?
In the paper, it is explained that an illustration of a payment card is encrypted by a two-way method. After it has been encoded with a public and private key, it is preserved on the blockchain. When the payment is made and if the retrieval has been requested, then the system will utilize the private key to decode the image for it to be verified.
Mastercard ensures this system with point-of-sale gadgets could be integrated in a way that operations would become more protected. Another curious fact is that the card doesn’t have to be presented materially. Moreover, with these processes, users won’t need to be worried about their payment information.
In the filed application, it was said:
"The transaction may be conducted via the display of a machine-readable code to the point of sale device, which may further prevent skimming as the reading of such a code can be more easily controlled via control of the underlying display; the display can be easily shielded and is often obscured when in a pocket or purse."Other Patents
This week has also seen another Mastercard’s patent – a modernization directed at building DLT to permit users to broadcast their travel routes as well as booking requests to merchants.