Payment giant Mastercard is going to patent the use of the technology of the blockchain for verification of payment cards in retail outlets.
According to information on the website of the Bureau of patents and trademarks USA (USPTO), patent application entitled «Method and system for checking the payment card through the blockchain» describes how two-factor encryption method, image maps, and storing information in the blockchain with a public and private key – when the card is used for purchase, executes the request, then the system will use the keys to decode and verify the information on the map.
Mastercard notes the vulnerability of existing funds, «wireless transmission of payment data», claiming that they can be «intercepted». Introducing the blockchain, the company strives to provide secure transmission of payment information, which includes «the minimum participation of the consumer».
When the payment system receives the request and using the private key decrypts the image for subsequent verification, which will allow to solve a technical problem of security and convenience.
«The transaction will be implemented through transfer of code from smartphone display on the device at the point of sale that will allow you to effectively deal with cases of theft. Thus reading easier to monitor, as the display can be hide with the help of a cover or pocket,» explain the authors of the project.