MasterCard captures Blockchain monitoring!

MasterCard plans to use blockchain technology to improve its services in the future. The credit card provider is currently developing a system to monitor payment flows.

The advantages of the blockchain technology are above all its decentralization, its censorship resistance, its counterfeit security and its transparency. That the benefits in terms of transparency in the eye of the beholder, was recently the case 1933 p . As the reddit user sick_silk is currently uncovering wallet movements that have apparently had a significant impact on the Bitcoin course. In this context, the chances are good that the Blockchain technology will reveal even more serious crimes. All thanks to the transparency of the (bitcoin) blockchain. After all, everyone can check it. That’s exactly what MasterCard wants to take advantage of.

As can be seen from a patent application, MasterCard is planning a blockchain system to check payment flows. The company wants to develop a multi-service platform based on blockchain technology:

“A multi-service platform can provide a range of services to the participating companies. Oftentimes, administrators can operate and / or maintain such a platform that can assist companies in profiling, adding users, defining roles and permissions, registering and approving orders, and so on. “


Finally, the benefits of distributed ledgers that would perfect such a platform are:

“The use of digital ledgers, such as B. Blockchains, can further facilitate the services offered by such a platform. Because here you can save the data clearly and in a format that companies can easily verify. In cases where ledgers are used like blockchains, ledgers can provide even more benefits because they are immutable and tamper-proof, which can further increase the reliability of this data. Therefore, such a platform can provide a large number of business services in a way that is more secure and transparent than any number of systems dedicated to just one of the many services “,

the application continues.

The US corporation is closer to the topics Blockchain and Bitcoin than one might assume at first glance. Thus, the company filed a patent application in 2016, a payment system for Bitcoin to bring to market. (Notwithstanding the fact that MasterCard had recently filed doubts about Bitcoin and other cryptocurrencies ). In addition to the planned multi-service platform, MasterCard is also working on a blockchain solution to better secure customer data.

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