MasterCard Files Blockchain Patent
An application published by the United States Patent and Trademark Office has revealed details of a patent filed by MasterCard.
The proposed technology would make use of a blockchain to store and verify identity data using a semi-private ledger. The application details aspects of current identity systems that can be cumbersome and prone to forgery, predominately that proof of identity can be provided in many different forms from various sources, all of which are potential points of failure in the verification process.
MasterCard posits that distributed storage of identity data on the blockchain can eliminate cases of fraudulent data being supplied by only allowing authorised nodes to submit and update identity records.
The approved MasterCard nodes would be registered with public keys and a geographic location, and only with these two boxes checked would any node be authorised to generate data on the blockchain.
The end result would be a self-regulating and trustworthy set of data records designed specifically with countering unauthorised editing and submissions.
This is not the first patent submitted by the credit card giant. In fact MasterCard Labs, their research and development department, has filed over 30 patent applications related to the blockchain.
In November 2017, they applied for a tech payment for a blockchain-based system for instant payments and it has been reported that they have been using distributed ledger technology for business-to-business payments since the month previous.
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