MasterCard Signs Four Blockchain Patents

MasterCard has filed 4 new patent applications focused on payments and transactions based on Blockchain technology with the US Patent and Trademark Office.

The four patent applications signed by MasterCard on November 24 are: “Method and system for fraud control of blockchain-based transactions”, “Method and system for processing blockchain-based transactions on existing payment networks”, “Method and system for integration of market exchange and issuer processing for blockchain-based transactions”, and “Method and system for linkage of blockchain-based assets to fiat currency accounts”.

According to the report, in one of its applications, MasterCard stated that “the use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain while still maintaining security of account information and provide a strong defense against fraud and theft." 

Even though these patent applications highlight the growing interest from one of the leading credit and debit card processors, it still doesn’t clarify if or how soon MasterCard plans to use Blockchain technology in its payments processing.