Mastercard Offers A Blockchain – Based System For B2B Transactions
One of the largest providers of financial services, MasterCard has developed a blockchain system that facilitates B2B transactions. This system is set out in a series of three patent applications filed with the US Patent and Trademark Office (USPTO).
“At present, existing settlement systems often operate using settlements on individual payment transactions. For example, after processing a transaction, the issuing bank transfers the funds for this particular transaction to the payment network, which then transfers the funds for that particular transaction to the acquiring bank. Since most enterprises are not financial firms or are financially regulated, innovations in the field of B2B transactions leave the payment flows between the parties intact, “the patent application states.
Mastercard believes that there is a need for a single payment system that allows businesses to perform B2B transactions more efficiently. Such a system may well become a blockchain technology. The patent application also notes that the blockchain system developed by MasterCard will allow storing data in a clear format that is easily accessible and verified by related companies, and will remain resistant to unauthorized interference.