"New Blockchain" from Mastercard or How to reinvent the wheel

The leading payment operator presented "its own developed blockchain that will be able to manage the entire Mastercard payment system." It is possible that he will still occasionally brew coffee, run for beer on Mondays and place orders on AliExpress.

Mastercard is in the top ten in terms of the number of cryptocurrency patents in the world. In total, the company has recently hired more than 170 blockchain developers.

Replenished with such an impressive staff, the development and research department of MasterCard Labs has issued applications for more than 30 patents related to blockchain technology and cryptocurrencies. This hard work has made it possible to develop a “highly scalable blockchain” and determine “the most beneficial real-world use case for it.” 

The “personal” system for banking transactions is distinguished by accelerated payment processing and the absence of the need to convert standard currencies used by Mastercard.

Mastercard’s blockchain, as follows from the explanations of the company’s speakers, eliminates the chain of intermediary banks that charge commissions when a payment is made, thereby making the payment cheaper. Apparently, “simpler” blockchains leave loopholes for intermediaries.

The developed blockchain is capable of managing the entire Mastercard payment system, as vice-chairman of the corporation Ann Kern said speaking at the Money20/20 conference.  What is meant by “the entire payment system” and what is included in the concept of “manage” Ann Kern did not specify.

( The Money 20/20 conference, which brings together the issues of payments, fintech and the financial services sector, is being held in Amsterdam from June 4 to 6. Among the topics discussed, among others, are issues of infrastructure development in the face of growing demand for digital services and the use of innovative technologies in financial sector.)

Mastercard is a leader in the development of innovative blockchain solutions, focusing not only on the clear objectives of using the protocol, but also on the security and ease of use for customers and the company. And although Anne Kern has repeatedly expressed skepticism about cryptocurrencies, she has always focused on the possibilities of blockchain technology for the financial sector. The ever-growing number of patent applications in this area is the best confirmation of the payments giant's interest in fashion trends.. 

The latest patent application, filed in April, gives the payment system the right “to a new solution that allows for faster addition of nodes to the blockchain.”