NEWS

MasterCard files for four U.S. patents on blockchain

Release time:

2016-12-02 11:39

The United States Patent and Trademark Office (USPTO) has published four patent applications related to blockchain and distributed ledger technology filed by MasterCard.

All four applications were issued on November 24 and focused on payments and transactions. Three of the four patents list Steven Charles Davis as the sole inventor, while the last one lists Ashish Raghavendra Tetali as the inventor.

Taken together, the proposed patents suggest that MasterCard is at least measuring how to integrate blockchain-based digital currencies into its own systems. The application focuses on methods and systems for authorizing, processing, and securing blockchain-based transactions, and MasterCard believes that the combination of blockchain and its existing payment technology can be a boon for people who want to use digital methods to make payments.

The company writes in its app:

"Therefore, the combination of traditional payment network and payment system technology with blockchain currency can bring consumers and merchants the advantages of decentralized blockchain technology, while still maintaining the security of account information, while providing strong protection against fraud and theft."

The release of the application comes just weeks after the credit card company released a set of experimental blockchain APIs. Last year, MasterCard gained some exposure by participating in an investment financing round by investment firm Digital Currency Group.

MasterCard is not alone in pursuing patents related to digital currencies or blockchain.

The publication of patent applications in the past few months shows that emerging and established enterprises have carried out a series of activities in patent. In recent weeks, the U.S. Patent and Trademark Office has published patent applications for startups including 21 Inc, Blockstream and Digital Asset Holdings, as well as for large companies such as AT&T and Nasdaq.