MasterCard believes that blockchain can simplify corporate transactions according to new patents.
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Answer MasterCard believes that blockchain can simplify corporate transactions according to new patents.
MasterCard, one of the world’s largest financial services institutions, believes that a blockchain system can simplify business-to-business (B2B) transactions in a large-scale enterprise environment.
The system was outlined in a series of three patent applications filed by the New York-based multinational company last March and announced Thursday by the United States Patent and Trademark Office (USPTO).
Individual Transaction Settlement Systems
The Patent Holders explain that existing settlement systems, which settle individual transactions from start to finish, do not fit the needs of the multiple and growing businesses of the twenty-first century.
“Currently, current settlement systems often operate using the settlement of individual payment transactions. For example, after a transaction has been processed, the issuing bank will forward the funds for that single transaction to the settlement network which will then send the funds for that single transaction to the acquiring bank. Since most companies are not financial or financially regulated, innovation in business-to-business transactions has left the two-party payment flows intact.Read:Crypto company “Coinbase” prefers to expand into several new countries… Why this move now?
“As a result, 21st century (B2B) collaboration based on a mid-20th century payments platform is highly impractical and unstable as the number of transactions processed and settled is putting pressure on the processing capacity of financial services settlement systems. The number of money transfers that must occur each day is also increasing and touching. “
MasterCard argues that there is a need for a unified payment system that allows companies to carry out business-to-business transactions more efficiently, and the company believes that blockchain technology or any other type of digital ledger could be an ideal solution for a cross-reciprocal settlement system. between institutions.
The “patent owners” note that having a blockchain will allow data to be stored in the system in a clear, accessible form that can be auditable by connected companies while also remaining tamper-resistant. These features will be very useful, especially considering that most of the participants will not themselves be financial institutions.
MasterCard’s opinion on (cryptocurrency)
The “patent holders” argue that the system can be built either on the blockchain in general or in a private pattern, but if MasterCard actually tries to build it, it will likely reside on a network with permissions, and MasterCard CEO Ajay Banga has A long history of vocal criticism of cryptocurrencies.Read:Meet a worker in the oil industry who quit his job to trade cryptocurrency full time
In July, he said that these digital financial assets are “undesirable” adding that he would only be interested in digital currencies developed by governments.
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