Mastercard has filed a number of new patents in the US, outlining how distributed ledger technology (DLT) can be used to keep track of consumer payments.
As reported by CoinDesk, the patent filings published by the US Patent and Trademark Office, the company describes DLT being used to record point-to-point transactions as they are processed. This would allow organisations to keep a real-time log of items procured during ongoing transactions.
The company also explains how blockchain technology can be used to streamline account management by simplifying the purchase order and registered order monitoring process; this also extends to monitoring services on multi-service platforms.
“The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform, by enabling data to be stored clearly and in a format that is easily auditable by participating entities. In cases where ledgers like blockchains are used, the ledgers may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data,” the patent reads.
“As a result, such a platform may provide a great number of services to entities while doing so in a manner that is more secure and transparent than any number of systems dedicated to even a single one of the multiple services.”
It’s not the first time we’ve seen the payment services giant enter the blockchain arena, albeit relatively tentatively. In May this year, Mastercard hired a number of blockchain specialists in Ireland to explore how the technology could be used to make payments more secure, and has previously filed patents for its use in speeding up cryptocurrency payments.
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