MasterCard plans to use the blockchain technology to improve its services in the future. The credit card provider is currently developing a system to monitor payment flows.
The advantages of the blockchain technology are bringing decentralization, censorship resistance, security, and transparency. Regarding transparency, a good example is the case of the Reddit user sick_silk who is currently uncovering wallet movements that have had a significant impact on the Bitcoin course. In this context, there are good chances for the Blockchain technology to reveal even more serious crimes. All thanks to its transparency.
MasterCard and the blockchain
MasterCard is planning a blockchain system to check payment flows, according to a patent application made by the company. MasterCard wants to develop a multi-service platform based on blockchain technology which can provide a range of services to the participating companies. Oftentimes, administrators can operate and/or maintain such a platform which can assist companies in profiling, adding users, defining roles and permissions, registering and approving orders, and so on.
MasterCard presented the benefits of distributed ledgers in such a platform. Firstly, the use of digital ledgers, such as Blockchains, can further facilitate the services offered by such a platform. Because here you can save the data clearly and in a format that companies can easily verify. In cases where ledgers are used like blockchains, ledgers can provide even more benefits because they are immutable and tamper-proof, which can further increase the reliability of this data. Therefore, such a platform can provide a large number of business services in a way that is more secure and transparent than any number of systems dedicated to just one of the many services.
The company is closer to the blockchain and bitcoin than anyone might assume at the moment. While recently the MasterCard officials have expressed their doubts regarding bitcoin, the company also filed a patent application in 2016, for a payment system for the cryptocurrency. In addition to the planned multi-service platform, MasterCard is also working on a blockchain solution for customer data.