THELOGICALINDIAN - Mastercards latest apparent describes an IOTAlike announcement arrangement for libraries and maker spaces
Mastercard Asia/Pacific has filed a apparent for a announcement arrangement based on IOTA’s Tangle. The abstraction is abundant in a contempo apparent application titled “Method and Arrangement for Device Micropayment Aggregation based on Tangle Network.”
Mastercard’s Transparent Billing System
Mastercard’s apparent appliance describes an access to announcement accessory acceptance through a cellophane accumulator system. For example, the adjustment could be acclimated to bill for library or “maker space” accessories like 3D printers, computer printers, and photocopiers.
Right now, abounding systems await on coin-operated or prepaid accounts, Mastercard’s apparent says. These systems generally lock users into advantageous for added accessory acceptance than they absolutely need.
By contrast, the angle would administer and food all advice accompanying to usage—from user identities to time spent and acceptance amounts—on a Tangle. This allows users to pay for absolutely what they charge with their acclaim agenda or addition acquittal service.
The actuality that this access is cellophane additionally “ensures that no user is taken advantage of,” Mastercard’s filing explains. Under the proposed system, users would be able to adviser their usage, and third parties would be able to analysis the acquittal records.
Based on Tangle, not IOTA
Mastercard’s apparent appliance does not necessarily beggarly that the payments provider is planning to body an app on IOTA, nor does it beggarly that it will use IOTA’s cryptocurrency, MIOTA.
It alone agency that Mastercard has accustomed IOTA’s Tangle as a applied architecture and that Mastercard could architecture a arrangement agnate to the Tangle.
The filing mentions that added blockchains could be acclimated to the aforementioned end.
Furthermore, the actuality that Mastercard has filed a apparent does not necessarily beggarly that it will about-face its affairs into a absolute product. Mastercard has filed at atomic 80 blockchain-related patents, best of which accept not appear to fruition.
Nevertheless, the actuality that Mastercard has absolutely mentioned IOTA is a acceptable assurance that the activity is accepting acceptance in boilerplate industries. Given that IOTA is aiming for “machine economy” use cases rather than customer spending, this array of acceptance is vital.
