Mastercard reason on how to simplify b2b transaction with blockchain in new patent
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One of the top financial service giant known as MasterCard has officially announced the inventio of blockchain system which they believe can make an easy path in a business to business (B2B) transactions scheme with some high volume enterprise environment.
However, the system is been mention in various series of three patent application filed by the New York-based multinational firms precisely in the month of March, it was officially announced to the public by the US Patent & Trademark Office (USPTO). The process of writing in one filing, one of the patent authors went on to explain in details the core existing settlement systems which have the potentials in settling individuals transactions from end-to-end, although it did not scale properly precisely on the needs in the 21st-century business.
"Presently, the settlement system always operate by the usage of the settlement of the individual’s payments transactions. For instance, after every transaction which was processes, the issuing bank will then have to make a transfer of the funds for that particular transaction to the settlement network, whereby it will then be subsequently been forward the funds for that single initiated transaction to the acquiring bank. It has been known that ever since most of the entire businesses are not attach to the financial firms, or financially regulated, the B2b transactional innovation which left the payment processing between the parties intact.
As being revealed, in the 21st century B2B collaboration sits on an unwieldy, with an unconnected and largely unchanged mid-20th century B2B payments platform’s been announce as one of the number one processes of transaction, there have been constant settlement, increase, the starring on the processing power segment of the settlement system in line with the financial institution increment as well as the various number of funds transfer which must frequently be in occurrence every single day.
Unfortunately, MasterCard is still in contemplation on the need for the uniform payment system which will entirely allow businesses to process and execute the B2B transaction for more smooth, fluent and firm trust on blockchain or precisely another type of digital ledger which could be an ideal solution for such an inter-enterprise settlement system. Blockchain, which is the patent authors note, would apparently allow data to be stored in the system in a very clear form which will quite easily be accessible and auditable by a reliable and connected firm whereby the remaining highly resistant to tampering. One the most essential features would be highly beneficial, specifically given to the participants who would not by themselves be a financial institution.
The patent has taken notes whereby the system could possibly be built on either a public blockchain or private blockchain segment, meanwhile, if the MasterCard eventually does attempt in the establishment of it, then it will be more likely that it could exist on a permission network sectors. Although that simply implies as is been reported by CNN, MasterCard CEO Ajay Banga has very long and lengthy history on the bashing public, decentralized cryptocurrencies. He made some vital statement on the month of July whereby he lamented that these his asset are "JUNK" which precise he also includes that he would possibly be focused to be interested in a digital currency which is possibly been developed by the government.