Mastercard has presented various patent based on the widely popular blockchain technology since October last year.
Being one of the biggest credit card companies in the world, Mastercard continues working on series of blockchain tools, expanding them for use in banks and merchants. The new announcement from the company stated it will focus on the business-to-business (B2B) transactions first, in order to improve speed, transparency and costs of the cross-border payments.
Mastercard began working with the blockchain technology last year, presenting proposals based on smart contracts and payment liquidation programs. The credit card company was looking for partners to use their blockchain-based tools and today it is encouraging different entities to use their blockchain tools and make easier and more cost effective their cross-border payments.
The executive vice president of Mastercard Labs, Ken Moore said: “By combining the blockchain technology and our own network for liquidation and its elements, we have created a reliable solution which can easily be audited and scaled.”
Further plans of Mastercard include combining their blockchain technology with other services, enabling its users to develop their own ways to use it and create unique transactions. Moreover, the company highlighted its cooperation with the Enterprise Ethereum Alliance to develop unconventional payments with the Mastercard sign. One of the Mastercard’s recent patents is related to the creation of a liquidation system of unique payment which could use the blockchain technology as a way to process business-to-business (B2B) transactions.