MasterCard, for instance, just filed a patent for any “Method and System For Immediate Payment Using Recorded Guarantees.” This really is, in a nutshell, a patent for any blockchain-like system that provides instant payment. It’s not a clone, by itself, however a patent that assumes that the blockchain-like ledger is going to be open to store and manage worldwide transactions instantly.

As the abstract itself doesn’t mention blockchain, MasterCard promises to make use of the technology along the way, describing one step by which “the payment guarantee data kept in the 3rd data element incorporated within the received transaction message includes a minimum of a blockchain network identifier and (i) an open key or (ii) a destination address, the record of payment guarantee is really a blockchain transaction for payment from the transaction amount kept in the 2nd data element incorporated within the received transaction message to (i) the destination address or (ii) a destination address connected using the public key, and also the computing product is a node inside a blockchain network akin to the blockchain network identifier.” That’s certainly a mouthful, however it essentially means they’ll store an eye on the transaction in certain immutable form.

The patent describes:

A technique for processing an assured electronic transaction, includes: storing account profile, each have an account number and balance getting a transaction message from your obtaining lender using a payment network, the content together with a specific account number, transaction amount, and payment guarantee data identifying a particular account profile which includes the particular account number deducting the transaction amount in the balance within the specific account profile generating an eye on payment be certain that includes the transaction amount and knowledge connected using the payment guarantee data establishing a return message together with a response code indicating transaction approval and knowledge connected using the generated record transmitting the generated record to some computing system using a communication network and transmitting the generated return message towards the obtaining lender through the payment network.

Within 2014, most bitcoin companies rapidly pivoted towards the “next big factor:” blockchain. Included in this were the financial and fintech houses which were wanting to avoid SEC scrutiny of the cryptocurrency holdings but were pleased to use blockchain technology to hurry up transaction occasions. A lot of individuals early attempts are now apparently bearing fruit.

MasterCard has explored blockchain tech before even while its Chief executive officer attacked bitcoin openly. This inclination to chop the cryptocurrency from a blockchain discussion isn’t new and it is not stopping in the near future. Whether or not this works, however, is really a different question.

Featured Image: Bryce Durbin

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