MasterCard hints plans to develop a block chain settlement system


nnIn fact, MasterCard has been enthusiastic about the development of block chains and digital currency related products, and recently filed a patent application detailing its plan to develop a “unified settlement system” based on the block chain. So far, the company has submitted a number of patent applications for this new technology, showing its determination to achieve breakthroughs in the field.n
nTranslated by: Inan
MasterCard may be considering consolidating block chains into its payment infrastructure.n
The US Patent and Trademark Office (USPTO) announced last week a new application filed by MasterCard. The application outlines the “unified billing system” solution, which will help to ease some of the friction between enterprises. The specific issues mentioned in the application documents include increasing data storage requirements and overall transaction volume.n
It is worth noting that the MasterCard in the file suggests that such a system can contain a transaction book based on a block chain.n
The application documents explain:n
n”In some implementations, the book may be a block chain that stores the associated data, in which the data values ​​may include purchase orders, invoices, transaction data, and other data stored in the book.n
nMasterCard states that the block chain will be able to automatically record all changes made to the book, creating a verifiable and immutable record for all data. As a result, malicious users will not be able to modify transactions in the system.n
The application is the latest intellectual property initiative of MasterCard on the block chain, which has submitted a series of patent applications since 2014, the most recent being a digital currency-based refund patent application published by the USPTO in August.n

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