Bitcoin Bully Mastercard Goes Ham Filing Three Blockchain Patents For Improving B2B Transactions

The use of blockchain technology by large institutional investors and tech companies is an incredibly important step in the maturing of the industry. While blockchain in its beginning days was more than largely dominated by small, revolutionary financial services and information technological startups, the recent few years have been witness to blockchain’s use in a host of unexpected and important sectors.

In particular, the work by some major banks and financial institutions in the traditional fiat economy to integrate blockchain into their changing infrastructures is a surprising but exciting development.

Experts say that adoption by these big corporations could be the first step the eventual mass adoption of cryptocurrencies and the large-scale application of blockchain technology all over the world. When these big companies throw their weight behind evolving technologies, it helps to lend a sense of legitimacy to the crypto space. Legitimacy is something that the community desperately needs, especially with the rampant accusations of manipulation in fraud in this deeply bearish market of 2018.

In a recent major move, the financial service behemoth Mastercard invented their own blockchain system that they believe may make it easier to conduct high-volume B2B, or Business-to-Business, transactions all over the globe. The invention was filed officially for the public just yesterday with the USPTO, or the United States Patent and Trademark Office with three separate patents all titled “Method and System for Recording Point to Point Transaction Processing” which can be seen here:

  1. Application: 20180260811
  2. Application: 20180260879
  3. Application: 20180262335

Outdated Settlement Systems

The patent’s author elaborated to say that current settlement systems need to be updated in order to maximize the efficiency of the ecosystems that they create. This writer outlines that the current systems use “individual payment transactions” as a core part of the settlement process. As an example, he presents that a processed transaction will then go to the bank, where the institution will transfer funds to that transaction to the overall network, at which point the money is then forwarded for that “single transaction” to the bank acquiring the money.

Consequently, the author calls this system “unwieldy” and “unconnected,” saying that it hadn’t been updated in large part since the middle of the 20th century. For B2B business, this presents a significant potential problem. The creator of the patent says that, as more and more payments are being processed individually on the network, this causes a higher amount of strain on its processing power, as well as a marked increase to the number of transfers required per day to simply keep it afloat.

A Potential Solution In Blockchain

Mastercard’s developers stated in the patent that the use of a uniformed payment system run on a digital ledger like the blockchain would help to execute these essential B2B transactions far more efficiently. For one, the blockchain is naturally tamper-proof, which improves security as the system grows and transaction volume continues to increase regularly.

Additionally, the system could operate on a public network of a private one without significant difference either way.

In any case, Mastercard’s embrace of potential blockchain technology could be yet another bullish sign for the technology in a tough climate.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,441FansLike
2,795FollowersFollow
4,192FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Chinese Internet Giant Arm, Tencent Cloud, Looks to Form A 100-Member Blockchain Alliance

Tencent’s cloud computing arm venture is bringing together a 100-member blockchain alliance to further blockchain implementation and find new real-world use cases of the...

OKEx Crypto Exchange Launches ETH Options Contract; EOS Options Trading to Follow

One of the largest cryptocurrency trading and derivative platform OKEx, announced the launch of its Ether options contract on June 4th. On June 18th, the...

Bitcoin Market Currently in ‘Fear' But Don’t Try to Predict What’s Gonna Happen Next

Bitcoin will do what bitcoin does. And if anyone tries to bet on the digital currency’s next move, it will prove you wrong. We have seen...

Fed Reserve of Philadelphia Research: Account-Based CBDCs May Replace Commercial Banks

A research paper published on June 1, 2020, by the Federal Reserve of Philadelphia shows account-based central bank digital currency (CBDC) could potentially replace...

US Federal Bank Regulator (OCC) Issues Notice for Feedback on Crypto and DLT Activity

The Office of the Comptroller of Currency (OCC) has asked for feedback in matters crypto and distributed ledgers according to two notices published on...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today