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Mastercard Thinks Blockchain Can Simplify B2B Transactions in New Patent

Financial services giant Mastercard has invented a blockchain system that it believes can simplify business-to-business (B2B) transactions in a high-volume enterprise environment.

That system is outlined in a series of three patent applications filed by the New York-based multinational firm in March, made public on Thursday by the US Patent & Trademark Office (USPTO).

Writing in one filing, the patent authors explain that existing settlement systems, which settle individual transactions from end-to-end, do not scale well to the needs of 21st-century businesses.

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