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Mastercard will be protected by the blockchain


“Mastercard” Corporation intends to officially patent the use of IT-technology of the blockchain. This is planned to be done to verify the payment products of the transnational financial giant in the outlets. Information is provided by the portal “BitsMedia”, which refers to information from the US patent office “USPTO”.

As indicated in the message on the Internet resource of the US Bureau of Trademarks and Patents, the brand “Mastercard” has already been filed an appropriate application. The method and system product for checking payment cards from the corporation by the method of blockchain is patented.

The application describes a two-factor cryptographic method for visualizing a map, as well as storing up-to-date information in the blockchain using public and private keys. At the moment when the payment card is used to make a purchase, a request is made for the receipt. After that, the system uses special keys for decoding, as well as checking personal information about the payment card.

As noted by representatives of “Mastercard”, there is a vulnerability of modern means of data transmission wirelessly. They can always be “intercepted”. Having studied the potential of blockchain and decided to implement it, the Corporation wants to use a secure way of transferring payment information with “minimal participation of service users”.

It is specified that transactions will go by transferring a special code from the smartphone’s screen to the provided devices at the points of real sales. This will ensure effective counteraction to theft. It is noted that this approach makes it easier to control reading. After all, the display of the mobile device can be hidden with the help of a pocket or any cover.

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