Mastercard may integrate Blockchain for settlements

Earlier this week, the US Patent and Trademark Office (USPTO) published a new application from Mastercard that describes an across-the-board payment solution targeted at paving the way of smoothening payments between businesses.

Quoting from the application, it would seem this new system by Mastercard will include a Blockchain-based ledger to keep track of all financial transactions.

“In some embodiments, the ledger may be a Blockchain configured to store the associated data. … In the system, the data values may include the purchase orders, invoices, transaction data, and other data stored in the ledger as discussed herein.”

Further discussions with Mastercard has confirmed that the Blockchain will be able to instantaneously detect and note down any changes into the ledger, creating a incorruptible record which hackers will not be able to access.

However, we are not sure how far out the hints will continue to go as this entry is one of a series of applications that started from 2014, something we will know in time to come.