Mastercard is exploring the possibility of using distributed ledger technology to verify payment cards at retail outlets. This is stated in the application published in the US Patent and Trademark Office.
The new two-factor method encrypts the map image and stores information in the blockchain using public and private keys. When making a payment, the system receives a request and uses the private key to decrypt the image for subsequent verification.
According to the developers, the integration of the solution into POS terminals will reliably protect transactions and save users from having to carry payment cards with them.
Note that every year bank cardholders lose about $2 billion due to reading card data through terminals and ATMs.
Recall that earlier in June, Mastercard received a patent for a blockchain system that allows tourists to tell about the desired routes, and sellers to offer a favorable price for them.
The new two-factor method encrypts the map image and stores information in the blockchain using public and private keys. When making a payment, the system receives a request and uses the private key to decrypt the image for subsequent verification.
According to the developers, the integration of the solution into POS terminals will reliably protect transactions and save users from having to carry payment cards with them.
Note that every year bank cardholders lose about $2 billion due to reading card data through terminals and ATMs.
Recall that earlier in June, Mastercard received a patent for a blockchain system that allows tourists to tell about the desired routes, and sellers to offer a favorable price for them.
