According to a recent report, Mastercard filed more patent applications than any US firm in 2017. The news came at the same time as EU regulators imposed a fine of $ 650 million on the grounds of restricting competition to the card provider.
This situation brings different scenarios to mind. Can Mastercard focus on their blockchain chain?
In a survey by UHY Hacker Young, a UK-based accounting and business provider group, it was found that Mastercard filed more blockchain patents than any other US company in the World Intellectual Property Organization.
At the national level, the US was second only to China in the number of patents sent to WIPO. The organization received a total of 305 patents in 2017 regarding the blockchain; More than half of them were presented by companies in G7 countries. In total, US firms filed 92 global patents, corresponding to 30% of the total for that year, while Chinese firms made 99 applications.
Master-Chain Is Coming?
UHY Hacker Young, Mastercard has not much detail about the blockchain plans, but one of the new patents to exchange offline blockchain said.
The Blockchain Library website, which was last updated in November 2017, listed eleven blockchains sent to WIPO in 2017 by Mastercard. This includes the offline blockchain exchange by UHY Hacker Young, as well as a blockchain transaction and a new way to verify the digital signature.
This move to the Blockchain field came at the same time as the payment processor was fined 650 million dollars by European regulators on the grounds of anti-competitive practices. The Mastercard card was punished for artificially increasing its payment costs.
Although the EU countries have different payment fees, Mastercard has asked for a change fee for sellers who want to move to member countries with lower wages. The EU Competition Commission said that this event would take away the rights of vendors and banks to seek lower wages and prevent competition.
Mastercard stated that the fine imposed by the EU Competition Commission was related to uygulam historic practices ve and ilgili Mastercard does not require any changes to existing business practices Mast.
There are over 700 million Mastercard users all over the world. The company achieved a very successful momentum in the old banking, but the number of patents offered also shows that the company is ready for a future on the blockchain.
Source: cryptobriefing