The latest MasterCard patent discloses that the company is thinking about using the blockchain to payment verification through credit cards. Simply, the payment information from the card would be uploaded to the blockchain, and just like with cryptowallets, you would generate a private and public key that is unique to your card only. By using it, the system can use the provided keys to decrypt your payment information and use it to confirm your payment.
MasterCard considers this technology to prevent skimming, which is known especially for magnetic tape payment cards. Instead, attackers can read the pay-as-you-go terminals at the time of payment to read the key information from the card, so they can bail out your account. It should be added that magnetic tape payments are widely used in the US, for example, in the Czech Republic, the popularity of non-contact payments through the NFC is very popular.
Even more interesting is the announcement by Ann Cairns, Vice President and Director of MasterCard International Markets, which at the 20/20 Conference last month revealed that the company had even managed to develop a blockchain that could cover the needs of the existing payment network. Given that payment systems are sized to handle thousands of transactions per second, this is a very interesting statement.
Although there are already blockchains that could teach this network theoretically, such as Steem, the newly created EOS blockchain, IOTA in the future, or IOTA, I can not avoid a comparison with more integrated cryptogenaes. For example, the bitcoin network can handle just 7 transactions per second, with ethereum around 20, although there is a promise in the future for a large acceleration of up to one million transactions per second. Maybe we will see the massive deployment of the blockchain also in the financial sector.