Mastercard may be looking to integrate blockchain into its payments infrastructure.
The U.S. Patent and Trademark Office (USPTO) published a new application from the financial giant this week that outlines a solution for a "uniform settlement system" – one that would help ease some of the friction involved with business-to-business payments. Specific issues cited in the application include growing data storage demands and the overall volume of transactions.
Notably, Mastercard suggests in the text that such a system could include a blockchain-based ledger of transactions.
As the application explains:
Mastercard clarified that the blockchain would be able to automatically note all changes made to the ledger, creating a verifiable and immutable record of all data. As a result, malicious users would be unable to modify transactions in the system.
Disclosure: MasterCard is an investor in CoinDesk's parent company, Digital Currency Group.
Mastercard image via Shutterstock
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