Crypto

Can Add Mastercard's New Patent Credit Cards to an Open Blockchain

Payment Mastercard is investigating the use of public blockchaines to securely validate payment cards in POS devices, as publicly disclosed documents

in the US Patent and Trademark Office ( USPTO Mastercard produced a referral and reimbursement route for verifying evidence of payment by users via the "public open blockchain", according to a patent application published on Thursday .

The document explains that the bidirectional method first encodes the appearance of a payment card, then encrypts it with a public and private key and then stores it in the blockchain.

Mastercard, which wishes to integrate this system with POS devices, will ensure that transactions will be secured as the card does not need to be physically present and that the payment identities of the users will be stripped from the device

Mastercard says:

"The process can be done by showing a machine readable code to the point of sale device (POS device); Therefore, the possibility of such a code leak can be prevented more strongly because the screen or surface on which the code is located can be more easily controlled: the code screen can be easily protected and can be completely hidden in a wallet or pocket. "

Although it is not known whether a product will come out, the project reveals a considerable effort MasterCard has shown to use a public blockchain to potentially improve a common problem in the motherboard business. According to some sources, cardholder spills at ATMs and at all merchants' sales points are causing worldwide stolen $ 2 billion a year.

In addition, another blockchain-based discovery and patent application of Mastercard is also used by consumers

Do not change the existing internet page model used for hotel and airline bookings, offering the opportunity to offer bidding on potential blockbusters to agencies for the publicity of the published information, and the possibility of bidding on the blockchain to build up a blockchain for routing routes and booking requests to agencies.