MasterCard has filed a patent on its own blockchain-based cash transfer option

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approach for processing an ensured electronic transaction, includes: keeping account profile, each consist of an account number and balance; receiving a transaction message from a getting financial institution by means of a payment network, the message including a specific account number, transaction amount, and payment ensure information; determining a particular account profile that consists of the specific account number; subtracting the transaction quantity from the account balance in the specific account profile; creating a record of payment warranty that includes the deal quantity and data related to the payment warranty information; producing a return message including an action code suggesting deal approval and data related to the generated record; transferring the generated record to a computing system by means of an interaction network; and sending the produced return message to the acquiring banks via the payment network.While the abstract itself does not mention blockchain, MasterCard intends to use the technology in the procedure, explaining an action in which “the payment guarantee information saved in the 3rd data aspect included in the gotten deal message consists of a minimum of a blockchain network identifier and (i) a public key or (ii) a location address, the record of payment assurance is a blockchain transaction for payment of the deal quantity kept in the second data element consisted of in the gotten transaction message to (i) the location address or (ii) a destination address associated with the general public key, and the computing system is a node in a blockchain network corresponding to the blockchain network identifier.” That’s certainly a mouthful, however it generally implies they’ll store a record of the deal in some immutable form.MasterCard has actually explored blockchain tech before even as its CEO assaulted bitcoin publicly. This tendency to cut the cryptocurrency out of a blockchain discussion is not brand-new and it’s not stopping whenever quickly. Whether it works, nevertheless, is a various question.Featured Image: Bryce Durbin