In about 2014, most bitcoin firms shortly pivoted to the “next big thing:” blockchain. Among them had been the monetary and fintech homes that had been desirous to keep away from SEC scrutiny of their cryptocurrency holdings however had been completely satisfied to make use of blockchain know-how to hurry up transaction instances. Many of these early efforts at the moment are apparently bearing fruit.
MasterCard, for instance, has simply filed a patent for a “Method and System For Instantaneous Payment Using Recorded Guarantees.” This is, in short, a patent for a blockchain-like system that offers instant payment. It is not a clone, per se, but a patent that assumes that a blockchain-like ledger will be available to store and manage international transactions instantly.
The patent describes:
A way for processing a assured digital transaction, contains: storing account profile, every embrace an account quantity and steadiness; receiving a transaction message from an buying monetary establishment by way of a cost community, the message together with a selected account quantity, transaction quantity, and cost assure knowledge; figuring out a selected account profile that features the precise account quantity; deducting the transaction quantity from the account steadiness within the particular account profile; producing a file of cost assure that features the transaction quantity and knowledge related to the cost assure knowledge; producing a return message together with a response code indicating transaction approval and knowledge related to the generated file; transmitting the generated file to a computing system by way of a communication community; and transmitting the generated return message to the buying monetary establishment by way of the cost community.
While the summary itself doesn’t point out blockchain, MasterCard intends to make use of the know-how within the course of, describing a step through which “the payment guarantee data stored in the third data element included in the received transaction message includes at least a blockchain network identifier and (i) a public key or (ii) a destination address, the record of payment guarantee is a blockchain transaction for payment of the transaction amount stored in the second data element included in the received transaction message to (i) the destination address or (ii) a destination address associated with the public key, and the computing system is a node in a blockchain network corresponding to the blockchain network identifier.” That’s undoubtedly a mouthful however it principally means they’ll retailer file of the transaction in some immutable type.
MasterCard has explored blockchain tech before whilst its CEO attacked bitcoin publicly. This tendency to chop the cryptocurrency out of a blockchain dialogue shouldn’t be new and it’s not stopping any time quickly. Whether it really works, nevertheless, is a special query.
Featured Image: Bryce Durbin