Mastercard Inc (NYSE:MA) announced recently that it filed for a patent with the US Patent and Trademark Office to enhance navigation of its system in a blockchain. The application will address the need for a solution to significantly increase the speed of navigation and reduce the time and power required for verifying the transactions in a blockchain.
The updated system will use unique fast track flags and reference value points to accelerate the speed of navigation in the blockchain and verification of blocks for efficient computing. Hence the computing devices will work as nodes that are easier to navigate than the traditional blockchain systems.
Meanwhile, IDEMIA a global leading firm in Augmented Identity based in Dubai, United Arab Emirates (UAE) has teamed up with Mastercard to launch a project that will allow merchants to accept contactless payments through smartphones. The partnership will enable international merchants to conduct transactions using any nearby enabled Android smartphone, hence significantly reducing the time taken to accept the payment processes.
As consumers increasingly become aware of the contactless and mobile-enable payments systems globally, the smartphone point-of-sale (POS) solution will enable the small enterprises that have been relying on cash and checks to accept payments to use a simpler and secure way to improve their operations. Merchants will only be required to download and install an app, create an account and start accepting the contactless payments from their clients in a safe and more convenient mode.
The smartphone payment solution, which incorporates Mastercard’s advance security technologies, will allow its users to make quick and secure electronic transactions by tapping on their smartphone or using their contactless cards on their devices.
Securing for identity has becoming very critical in the world today, with Augmented Identity, business companies will ensure the privacy and trust of their payment transactions for their customers across the globe.
Furthermore, the system offers innovative solutions including a queue-busting feature that enables users to avoid long queues at cash exchanges at major events such as sporting, music concerts and much more.