Mastercard proposes to use public blockchain to store …

Mastercard proposes to use a public blockchain to store bank card data

Payment giant Mastercard is considering possibility use of public blockchain for secure verification of payment cards in points sales. About this said in published on Thursday application, to the Patent Office and trade signs USA.

Mastercard proposes to use public blockchain to store ...

According to her, Mastercard has developed a method for transferring and receiving payment information user during her verification through the “publicly available blockchain”.

IN document describes a bidirectional method using whom encryption occurs first Images a payment card using public and private keys, and then saving it on the blockchain. When the system receives a request, it uses private the key to decode the image and use him for further verification.

Mastercard claims that the integration of such a system at the point of sale will allow you to safely carry out transactions, since the need for the physical provision of cards will disappear, and users are not will be worry that their data may be stolen by intruders.

“Transaction can be carried out by sending a code from the display on devices at the point of sale, which can help in the fight against with skimming, since the reading of such a code is easier to control, since the display can be hidden with a cover or pocket, ”write the authors of the application.

Although nothing is known about Mastercard’s plans to use the described technology, it is another example of blockchain application for solutions common problem. According to some sources, due to data theft through terminals and ATMs annually users bank cards by all the world is losing about $ 2 billion.