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Blockchain Technology Patent: MasterCard Joins Bangwagon After Criticising Ledger

MasterCard, the US-based multinational financial services corporation, has joined the bandwagon of blockchain technology patent. But this is the same firm which has criticized and discarded cryptocurrency which works on the underlying platform of blockchain technology. However, the leading MNC has taken a U-turn and now applied for a new patent in the blockchain space. As per the newly developed method, the company looks forward to anonymizing transactions. Perhaps, the method looks pretty much similar to coin mixing which is already prevalent in various businesses.

As per the content published by the U.S. Patent and Trademark Office (USPTO), it is revealed that the proposed system will obfuscate point of origin of the transaction along with the amount sent, which is very similar to what Monero’s technology does. The system will only disclose the user as having transferred to and received funds.

According to CCN, it remains completely unclear as to what the company intends to do with this blockchain technology patent in the future. Since they are a very well established regulated financial company they will refrain from launching any such service or product which doesn’t come under the regulatory protocols. Cryptocurrency and blockchain technology are not yet accepted completely throughout the globe, hence it becomes very tricky to find out about what outcome of this patent will be in the global commercial market.

The Love-Hate Relationship Of Blockchain And MasterCard

It wasn’t long back when the president and CEO of MasterCard Ajay Banga slammed cryptocurrency on the public platform. In his opinion, digital currency is junk and it doesn’t deserve to be considered as a medium of exchange as mentioned by CNBC TV 18.

But it seems that the MasterCard has a different stand for blockchain technology and therefore they have been investing in important sums of money in it for research and development. It has been one of the most active filers in the field of blockchain technology patent from 2012 and 2017.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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