Mastercard uses Blockchain technology to make internet payments more secure

Mastercard uses Blockchain technology to make internet payments more secure

Mastercard is one of the world’s cross-bank payment giants and one of the largest credit cards producers; however, increasing development of financial transactions and transfers would entail a very quick and secure system more than any other time.

Using blockchain technology might be said to be one of the best ways to access high speed and increasing financial transactions security in financial transfers. Mastercard has created an intelligent plan under its name in U.S Patent and Trademark Office.

This new payment system lets users do financial transactions through blockchain technology anonymously and safely. It can be stated that this intelligent plan has special differences with plans of financial transfer via blockchain. In the new MasterCard system, through blockchain technology, every user will have his/her own digital signature, and a private key will be made after each financial transaction in the payment network. A combination of personal digital signature and creating a private key according to each financial transaction causes guaranteeing online payment security for every user.

Although Mastercard has announced the news of making a payment service on blockchain technology since October of this year, there have been more details in media recently.

 

Blockchain, a trustworthy technology

Using Mastercard from blockchain technology has been a prediction made by many analysts in the financial and business fields.

There have been big companies such as Amazon and huge multi-national banking groups like JPMorgan Chase and Bank of America before Mastercard which had applied blockchain technology to increase online financial payment speed and also paving the way to do safe financial transactions.

To sum up, the growth in using and registering technologies associated with blockchain can be assumed as prosperity in future technology. Moreover, it should be taken into account that the foundation and structure of blockchain technology is an open-source one and the firms employing this technology to provide more security in their payments will make them highly specialized by very extensive changes. Although such vast user changes can be on the contrary to the primary objectives of the blockchain, it will secure its development and growth.

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