MasterCard is trying to patent the blockchain for money transfer solutions

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MasterCard’s tech isn’t specifically using a blockchain system in the same sense that Bitcoin and Ethereum both use one, but it’s clearly inspired by the technology. In a new patent filed on 9 November, MasterCard is planning for a “Method and System for Instantaneous Payment Using Recorded Guarantees”. In short, this is a system that uses a blockchain-like ledger to manage international transactions instantaneously.

MasterCard makes no mention of Bitcoin or cryptocurrencies in its patent, but it does briefly suggest the tech is leaning rather heavily on blockchain processes. This equates to each transaction requiring a key and a payment address, similar to how Bitcoin and other cryptocurrencies require wallet addresses and user keys.