Pass it forward

In about 2014, most bitcoin firms instantly rotated to the “next large-hearted stuff: ” blockchain. Among them were the financial and fintech mansions that were anxious to eschew SEC scrutiny of their cryptocurrency comprises but were happy to use blockchain technology to accelerate its transaction times. Many of those early struggles are now apparently permitting fruit.

MasterCard, for example, has just filed a patent for a “Method and System For Instantaneous Payment Using Recorded Guarantees.” This is, in short, a patent for a blockchain-like plan that offers instantaneous pay. It is not a clone, per se, but a patent that assumes that a blockchain-like record will be available to store and administer international events instantly.

The patent describes 😛 TAGEND

A method for processing a guaranteed electronic deal, includes: storing detail sketch, each include an chronicle crowd and counterbalance; receiving a transaction word from an acquiring finance institutions via support payments network, the theme including a particular history list, busines extent, and fee collateral data; relating a particular accounting profile that includes the specific detail digit; recouping the event quantity from the accounting counterbalance in the specific note chart; making a record of payment guarantee that includes the event amount and data associated with the pay secure data; producing a return message including a answer code indicating transaction approval and data associated with the generated enter; channelling the made annal to a compute method via a communication network; and moving the generated reappearance content to the acquiring finance institutions via the remittance network .

While the abstract itself doesn’t mention blockchain, MasterCard intends to use the technology in the process, describing a step in which “the payment guarantee data stored in the third data element is contained in the received transaction letter includes at the least a blockchain network identifier and( i) a public key or( ii) a destination address, the record of payment secure is a blockchain busines for remittance of the busines extent stored in the second largest data item included in the received busines message to( i) the end address or( ii) a end address associated with the public key, and the compute system is a node in a blockchain system corresponding to the blockchain system identifier.” That’s emphatically a morsel, but it mostly means they’ll store a record of the transaction in some immutable form.

MasterCard has inquired blockchain tech before even as its CEO attacked bitcoin publicly. This tendency to chipped the cryptocurrency out of a blockchain discourse is not new and it’s not stopping any time soon. Whether it toils, nonetheless, is a different question.

Read more: https :// techcrunch.com


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