As blockchain goes mainstream, big business is jumping at the opportunity.
Walmart for example has multiple patents to use blockchain with healthcare, the electrical grid, and food for example. Even Amazon.com is considering the technology. In fact, it just introduced blockchain as-a-service feature.
MasterCard is taking Advantage
Nowadays, MasterCard has created a blockchain system it says can simplify business to business transactions.
According to the US Patent & Trademark Office (USPTO), one patent explains the problem with settlement systems.
“Currently, existing settlement systems often operate using the settlement of individual payment transactions. For example, after a transaction is processed, the issuing bank will transfer funds for that single transaction to the settlement network, which will then forward the funds for that single transaction on to the acquiring bank. Since most businesses are not financial firms, or financially regulated, B2B transactional innovation left payment flows between the parties intact,” they wrote.
“As a result, 21st century B2B collaboration sits on an unwieldy, unconnected and largely unchanged mid-20th century B2B payments platform.”
Effort to Solve the Problem with Blockchain
Mastercard says there’s a need for payment systems that allow businesses to carry out B2B transactions more efficiently.
That solution is blockchain, they note because it would allow data to be stored with easy accessibility.
The patent application adds, “The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform, by enabling data to be stored clearly and in a format that is easily auditable by participating entities. In cases where ledgers like blockchains are used, the ledgers may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”
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