Several market analysts have discovered blockchain to be the ultimate solution when it comes to keeping data secure or track data information for a global platform. As a result, the implementation of blockchain technologies is being discussed by several enterprises as well as crypto giants, to ensure safety and security to their customers regarding identity and transactions.
Mastercard, a payment service giant’s recently published patent filings suggest that they are looking for blockchain use to keep track of their customer payments. On the idea of implementing blockchain in using for their purpose, the Mastercard team elaborated on the notion of the distributed ledger and how this works for recording point-to-point transactions as soon as they process. Once recorded, the information can then utilize by the organization and members of the organization for creating a complete record of all the items secured during the period of business.
In the series of applications received by the U.S. Patent and Trademark Office, Mastercard has wisely brought forward their patent application as it demands the use of blockchain ledger. Streamlining account management will be necessary. One of these applications also explained that it would do so by simplifying the process that registers and monitors the purchase orders. The applications also clarify that the Mastercard is willing to use the technology of blockchain for simplifying the purchases that occur on a multi-service platform.
The firm further explains that the digital ledgers of blockchain and its use can facilitate the services from such a wide platform. It does so by allowing the data to store directly and in a way that is easily updatable by particular entities. In such cases that use the blockchain ledgers, it can also receive ledger benefits. They may receive the ability to tamper the data or resistance to immutable options which can only increase the security and reliability of such data and makes it easier to protect, collect and access.
The patent application also states that a platform as big as Mastercard’s can also provide several options for services to the entities and in a way more secure and transparent method. It is in comparison to dedicating many systems to one of the multiple services.
Previous reports suggest that this isn’t the first blockchain-based patent application by Mastercard. The giant has secured several patents related to the blockchain, among which one of them suggests a detailed method for speeding up cryptocurrency transactions and payments. It has also indicated that Mastercard has an impending interest in the past, about hiring specialists of blockchain technologies.
All these prospects signify that Mastercard has already dedicated its visions and work in blockchain utilization. The firm is actively descending towards a complete application of this security-based technology. It is remarkable that a platform like this is deciding for implementation rather than rave about its great benefits for advanced industries, and this could either help the customers to rely more on their services or go through an adversary.