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23/03/2019
Technology

Mastercard is betting big on Blockchain Technology

According to a recent survey report, the Mastercard has filed the most number of patents related to the blockchain technology among all the US firms in 2017. The news has come exactly in the same week when the Mastercard is slapped with a fine of $650 million by the European Union regulators. A research study conducted by a UK-based group of business providers and accountants found that the MasterCard has filed more blockchain patents than any other US company with the organization for intellectual property rights, World Intellectual Property Organization (WIPO). In terms of country rankings, China tops the list of filing most number of blockchain patents with the US coming a close second. WIPO received a total of 305 patents related to blockchain with Chinese companies filing 99 out of the total 305 patents filed in the year 2017. The US ranked second with a total of 92 filed patents with companies operating in G7 nations accounting for more than 50% of the total numbers of patents filed.

Mastercard bet on Blockchain

There is not much detail of the Mastercard’s plans of further developing the blockchain technology though it revealed that one new patent filed by the organization basically pertains to the offline exchange for blockchain. According to the information available on the website Blockchain Library, Mastercard submitted eleven blockchain patents to WIPO in the year 2017 including the aforementioned offline exchange, and methods for validating digital signatures and blockchain transactions.

The strategic move of Mastercard to move into the blockchain space comes at a time when the global card provider is facing intense criticism for its anti-competitive business practices. The company has already slapped with a penalty of $650 million as it was found to raise the cost of payment by the cards artificially. The European Union Competition Commission found the Mastercard guilty of raising the cost for the retailers and the customers. Responding to the penalty, the Mastercard said in an official statement that the fine imposed by the commission was related to its historic business practices and did not require any kind of change in its current business policies.

Just so you know. Mastercard has more than 700 million cards in circulation as of now, making it one of the most successful companies in the conventional banking system. However, looking at the numbers of patents filed by the organization, it seems that Mastercard is now focusing on the blockchain related technology for future gains.

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