Mastercard Files Patent for Blockchain System to Secure Card Payments

Financial services provider Mastercard has filed a patent for a blockchain system to provide faster and more secure payments on their cards, according to US Patent and Trademark Office USPTO patent filing released June 7.

The patent application dubbed “Method And System For Payment Card Verification Via Blockchain” describes a public blockchain-assisted conveyance and retrieval of payment processes to verify and secure users’ information.

In the document, Mastercard noted the vulnerability of existing means of “wireless transmission of payment credentials,” claiming that they can be “subject to intercept.” By implementing a blockchain, the company aims to enable a secure way of conveying payment credentials that also involves “minimal participation by the consumer.” The recent blockchain application from Mastercard intends to solve the technical challenge of providing both security and convenience:

“Thus, there is a need for a technological solution to enable the conveyance of payment credentials to a point of sale device that requires minimal participation by the consumer, while still maintaining a high level of security, particularly against skimming.”

[…]

Read Full: Mastercard Files Patent for Blockchain System to Secure Card Payments