MasterCard has applied for a patent on a blockchain system to simplify high-volume, business-to-business transactions. That system is outlined in three patent applications filed in March but made public late last week by the U.S. Patent & Trademark Office.
In its filing, MasterCard said it saw a need for a uniform payment system that will allow businesses to execute B2B transactions more efficiently, CCN reports. Blockchain technology, or other types of digital ledgers, could be an ideal solution because it allows data to be stored in the system in a clear format that is easily accessible by firms while being resistant to tampering. Read more here.