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Mastercard Files Patent to Use Blockchain for Payment Tracking

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Mastercard blockchain patent

Apparently, blockchain adoption is picking up solid momentum.

Mastercard is on board

The company filed a few patents for using blockchain technology with the USPTO.

For example, its patent titled, “Method and System for Recording Point to Point Transaction Processing” reveals its interest.

What it wants to do is record “point to point” transactions upon processing.

“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 leaders may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”

Blockchain Adoption

“Everyone is talking about blockchain, and no one wants to be left behind,” according to PwC’s 2018 Global Blockchain Survey, which included 600 executives.

Another survey by Deloitte revealed that nearly 40% of companies want to invest millions in the technology.  That survey spoke with 1,050 executives in telecom, media and tech.  About 59% said it’s possible for it to disrupt their industries.

About 29% have already jumped on the bandwagon.

What we have to consider is that blockchain increases trust and reliability.  Companies like Amazon, Microsoft, and Facebook are exploring ways to use the technology.

In fact, Facebook announced it’s going through reorganization that will include the use of it, too.

IBM, Accenture, Deloitte, JP Morgan, and HSBC are on board, too.

So, it’s only a matter of time before more companies jump on the bandwagon.

Companies and governments around the world are exploring its use.

In fact, market intelligence firm IDC says global spending on such solutions could more than double to $2.1 billion this year.  However, according to analysts at Cowen, full adoption is still nearly six years away.

 

 

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