Mastercard has developed a technology verification cards when purchasing using the public blockchain.
According to the text of the patent application, published on the website of the Office for patents and trademarks (USPTO), Mastercard mechanism allows you to securely transmit and verify the payment details of the user using “publicly available blockchain”.
The algorithm codifies the digital image of the card and stores it on the blockchain along with public and private encryption keys. If the request of withdrawal at the time of purchase, the system uses private keys to decrypt the image and subsequent verification of the card.
According to forecasts of the Mastercard implementation of the system at the point of sale will make the payment safer because it eliminates the need for the physical use of the card, thus eliminating the risk of data exploration through payment terminals.
In the text of the patent says:
“Payment can be done via a machine scanning a special code by the terminal of the seller, which eliminates the risk of unprotected safe because the code is controlled by the display; the display is easily shielded and are often obscured while in the pocket or handbag”.
It is unknown whether Mastercard to further realize this concept. However, developments Mastercard could significantly improve key business of the company. Citing unnamed sources, CoinDesk says that annual global losses from theft when you swipe the card amount to $2 billion.
This is the second patent Mastercard, published this week: yesterday it became known about a company receives a patent for a tourist blockchain system.
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