MasterCard’s Proposed Patented System To Support Different Blockchain Technologies For Multiple Transactions

MasterCard’s proposed patented system is built to support different blockchain technologies for carrying out multiple transactions. With this system, it will be possible for MasterCard to launch different blockchains. The patent was awarded to MasterCard by the U.S. Patent and Trademark Office.

According to the patent, a group or an enterprise may have a requirement to store various types of transaction information on one platform. But with the existing system, it is difficult to do it on a single blockchain platform. That is why MasterCard has come up with a particular method to generate the block for a permission blockchain. It will ensure that all these different blocks are able to store diverse information.

First filed in July 2016, the patent documents from MasterCard says that “the transaction records stored in the blocks comprising a blockchain often required to be of the same format and include the same types, and sometimes even sizes, of data.” Such data requires to be run on multiple platforms of blockchain requiring large power for computing.

According to the patent, there is a need for technology solution providers to come up with partitioned blockchain technologies capable of storing diverse transaction formats and types on a single blockchain platform, Coindeskreported. The patent said that when the blockchain is partitioned appropriately, then it becomes possible for them to receive information about various transaction types coming from multiple computing devices at a time.

MasterCard calls this partition a “subnet” in the patent which will have the capacity to store information about a particular currency or even hold various types of information that is different from other subnets. According to 2018 Top 100 Global Blockchain Patent Enterprise Ranking of IPR Daily the leading payments provider in the world is at present listed on the third place with 80 patents to its credit closely following Alibaba and IBM, Unhashed reported.

In the past couple of years, MasterCard has filed for multiple blockchain technologies patents and received one just recently in July 2018

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Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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