MasterCard Files Patent for Blockchain-likeTransaction System

MasterCard Files Patent for Blockchain-likeTransaction System

On November 9th, MasterCard filed a patent for a “Method and System For Instantaneous Payment Using Recorded Guarantees.” It appears to be a patent for a blockchain-like instant payment system which will utilize a ledger to store and manage international transactions instantly.

The patent describes:
A method for processing a guaranteed electronic transaction, includes: storing account profile, each include an account number and balance; receiving a transaction message from an acquiring financial institution via a payment network, the message including a specific account number, transaction amount, and payment guarantee data; identifying a specific account profile that includes the specific account number; deducting the transaction amount from the account balance in the specific account profile; generating a record of payment guarantee that includes the transaction amount and data associated with the payment guarantee data; generating a return message including a response code indicating transaction approval and data associated with the generated record; transmitting the generated record to a computing system via a communication network; and transmitting the generated return message to the acquiring financial institution via the payment network.

source: http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=/netahtml/PTO/search-adv.html&r=1&p=1&f=G&l=50&d=PG01&S1=20170323294.PGNR.&OS=dn/20170323294&RS=DN/20170323294