Other Computer Sciences Commons^™

Blockchain In Payment Card Systems, Darlene Godfrey-Welch, Remy Lagrois, Jared Law, Russell Scott Anderwald, Daniel W. Engels

SMU Data Science Review

Payment cards (e.g., credit and debit cards) are the most frequent form of payment in use today. A payment card transaction entails many verification information exchanges between the cardholder, merchant, issuing bank, a merchant bank, and third-party payment card processors. Today, a record of the payment transaction often records to multiple ledgers. Merchant’s incur fees for both accepting and processing payment cards. The payment card industry is in dire need of technology which removes the need for third-party verification and records transaction details to a single tamper-resistant digital ledger. The private blockchain is that technology. Private blockchain provides a linked …