Mastercard Can Introduce Cryptocurrency Refunds

Mastercard Can Introduce Cryptocurrency Refunds

A new patent application from Mastercard reportedly said the the company is researching ways to build a refund services for cryptocurrency users.T

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A new patent application from Mastercard reportedly said the the company is researching ways to build a refund services for cryptocurrency users.

The application named “Information Transaction Infrastructure” was published by the US Patent and Trademark Office (USPTO) on August 3, as coindesk.com wrote in an article.

“A method of transferring information with verification from a first party to a second party using suitably programmed computing apparatus, the method comprising: sending information from a first party private address to a first party public address;”, as the patent application stated.

“… and sending said information from the first party public address to a second party address, wherein the information is provided for public recordal on a block of a block chain for verification; wherein the first party private address is not communicated to the second party but the first party public address is communicated to the second party.”, as the document added.

As the application text pointed out, this infrastructure is most relevant for situations in which users are submitting payments to merchants from accounts on exchanges, or other services that hold their fundings along with those of others, as coindesk.com reported.

“Using this approach, the refund problem can be addressed – a payment received from the public wallet can be refunded by an equal payment back to the public wallet.”, according to Mastercard`s proposal that was quoted by coindesk.com.

The application is not the only Mastercard project that focuses on blockchain technology.  Last year, the company released three APIs connected to its internal blockchain work, as well as offerings focused on smart contracts and payment settlement, as coindesk.com reported at the time.

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