In about 2014, most bitcoin companies quickly pivoted to the “next big thing”: blockchain. Among them were the financial and fintech houses that were eager to avoid SEC scrutiny of their cryptocurrency holdings but were happy to use blockchain technology to speed up transaction times. Many of those early efforts are now apparently bearing fruit.
MasterCard, for example, has just filed a patent for a “Method and System For Instantaneous Payment Using Recorded Guarantees.” This is, in short, a patent for a blockchain-like system that offers instant payment. It is not a clone, per se, but a patent that assumes that a blockchain-like ledger will be available to store and manage international transactions instantly.