New patent filings from Mastercard show how the credit card giant is looking at blockchain as a possible means for easing payment settlement times.
In a patent application released last week by the U.S. Patent and Trademark Office, the company describes a blockchain-based database capable of instantaneously processing payments, guaranteeing that merchants don't need to wait days before receiving funds for their products.
Further, the filings indicate that the tech would help the firm keep an ongoing record of these transactions, verifying that a vendor was actually paid after a particular sale.
The data being stored would include the transaction amount, a guarantee of payment, confirmation of the payment and account profiles for the parties involved. These account profiles will also store each users's balance information, according to the application.
As the application details:
“There is a need for a technical solution where a payment transaction can be guaranteed in a manner that is readily verifiable by an acquiring financial institution and/or merchant, and where the guarantee can be used in conjunction with multiple types of payment instruments as well as multiple transaction types, including e-commerce transactions.” Mastercard has repeatedly considered blockchain platforms to ease payments. Last month, the company announced it was opening up access to the blockchain tools it was developing in order to facilitate business-to-business transactions. An earlier patent application released in September likewise focused on storing payment histories using a blockchain.
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Enterprises must be ready to face the hype behind blockchain technology.
The visionaries will forge ahead, and those hoping for immediate industry and process transformation will give up. This is the answer I usually give when asked for a one-sentence summary of how I see 2018 shaping up in the blockchain technology arena.
Following blockchain technology feels a little like living in two parallel universes: One is the world of press and vendor hype, fueled in equal measure by commercial self-interest and a genuine desire for innovation, and which remains firmly in the phase of irrational exuberance. The other is the world of enterprise business and technology professionals actually working on blockchain projects; this world is firmly anchored in the phase of rational assessment, and everyone's agreed that large-scale, widespread deployment of blockchain-based (or indeed blockchain-inspired) networks isn't imminent.
The inhabitants of this second universe also recognize that you need to be prepared to be in it for the long haul, as the true transformational potential of blockchain-based networks will take a long time to materialize, for non-technical as much as technical reasons.
That's not to say that this latter group will persevere with all of the blockchain initiatives they have started. We released our 2018 blockchain predictions today, and we predict we'll see some serious pruning of projects in 2018. Initiatives will increasingly be assessed against standard business benefit models, and those found wanting will not be given the go-ahead, or they'll be stopped if already underway. The projects that proceed will fall into three categories:
In 2018, we expect to see a number of projects stopped that should never have been started in the first place.
Going back to where I started: Forrester sees 2018 to be the year of reckoning for blockchain initiatives. Those who failed to translate the headlines into reality will write off their investments and give up, while others that have a deep understanding of the technology and its transformational potential in the long run will continue to forge ahead. To quote Amara's Law: "We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run." |
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