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MasterCard Asia files patent for Tangle-based device billing system

MasterCard Asia files patent for Tangle-based device billing system

MasterCard’s Singapore-based subsidiary filed a patent with the U.S. Patent Workplace detailing a cost system for utilizing {hardware} units that particularly mentions Iota’s (MIOTA) Tangle expertise. 

The patent declare, printed on Aug. 20, proposes a pay-as-you-go system that makes use of a “clear information storage system and aggregation.” Customers should present their credentials to realize entry to a selected {hardware} gadget — the patent cites copiers and 3D printers as examples — and billed strictly for what they used.

The proposed information storage techniques might be based mostly on a Tangle or a generic blockchain. The patent makes no mentions of the Iota community or its forex, because the system may be utilized in personal environments.

The patent claims that such a system would current an enchancment over the standard cost mechanisms generally used for shared {hardware} units. It argues that pay as you go playing cards lock customers into the system even when they might not know the way a lot utilization they’ll see, whereas full pay-per-use “usually use hooked up machines that settle for bodily forex to function.” These legacy techniques may restrict the cost choices accessible to customers, the patent notes. 

The acknowledged advantages embrace a better diploma of transparency and belief within the system, the flexibility to watch utilization in real-time and the elimination of charges related to bank cards and different cost techniques. The patent however doesn’t clarify how customers would pay for utilization, merely specializing in the technical implementation of such a system. Given the necessity to report transactions in a distributed ledger, it’s possible that some cryptocurrency-like system can be required, which can restrict cost choices for customers as properly.

MasterCard has not too long ago been opening as much as cryptocurrencies, launching a devoted on-boarding initiative for crypto card issuers to make use of the community in July. In Might it additionally entered right into a information privateness undertaking along with enterprise blockchain supplier R3.

MasterCard was one of many authentic members of the Libra consortium, but it surely left the affiliation in October 2019 citing regulatory and enterprise mannequin considerations.

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