Mastercard Proposes Blockchain Platform Capable of Supporting Multiple Cryptocurrencies

https://akket.com

Credit card giant Mastercard has recently obtained a patent for a system capable of generating blocks for a partitioned blockchain.

As outlined in the patent application published October 9 by the US Patent and Trademark Office, the system would be comprised of a permissioned blockchain capable of simultaneously supporting multiple digital currencies.

Initially filed in July 2016, the patent addresses a number of challenges that blockchain developers are currently facing. As it stands, firms planning to store various data or different cryptocurrencies are prompted to run multiple blockchains, a process that requires excessive processing power and resources.

Mastercard aims to develop a solution to this prevailing issue by using “subnets” that are capable of receiving transaction data from different devices, enabling firms to add any kind of data of any size without having to follow standardized data format.

This would not be the first time the company has proposed a blockchain-based application. In August, Mastercard has also been granted a patent for a system that would use digital currencies for refunds. In June, the company has also proposed the development of a blockchain-based system for anonymous transactions. This week, the USPTO has also granted Mastercard another patent for a payment processing system anchored on the nascent technology.