Mastercard's multi-blockchain initiative could signal a leap forward in the patent competition among technology companies.
Mastercard has been making significant strides in the realm of blockchain technology, as evidenced by its numerous patent filings and awards. In 2018, the financial services corporation was ranked third in the "Top 100 Global Blockchain Patent Enterprise Ranking" with a total of 80 patent filings.
One of Mastercard's most notable blockchain patents is the "method and system for instantaneous payment using recorded guarantees," which was granted in 2017. This patent aims to facilitate faster and more secure transactions by utilising the blockchain's distributed ledger technology (DLT).
Mastercard's interest in blockchain technology is evident, as the company has been actively exploring this unexplored area since its first patent. The corporation's activities suggest a strong commitment to leveraging the benefits of this technology to enhance the efficiency and transparency of transaction processes.
The patent process for Mastercard's blockchain-based technology began in July 2016, with the patent being published by the patent office approximately 18 months later. However, the approval process can take several years.
In July 2018, Mastercard filed another patent seeking permission to use DLT in transactions and consumer protection. This patent underscores the company's ongoing efforts to integrate blockchain technology into its operations.
Mastercard's blockchain division is not only focused on research and development, but also on hiring talent to drive its blockchain initiatives. The corporation is currently looking to hire blockchain developers, data scientists, and blockchain specialists.
In addition to its patents, Mastercard has been awarded several patents by the USPTO, including one that argues the benefits of DLT for B2B transactions. This patent further demonstrates Mastercard's commitment to blockchain technology and its potential to revolutionise the financial industry.
For those looking to get into blockchain, consider reaching out to Appinventiv's team of mobile app experts for assistance with blockchain app development. With Mastercard's continued investment in blockchain technology, the future of this innovative field looks bright.
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