Mastercard has secured a patent for a system that would set in motion a variety of blockchains, including those that can support multiple cryptocurrencies. The patent introduces a technology that overcomes the obstacle of single-type transaction storage within single blockchains.
The Issue & Resolution To Sameness In Blockchain Transaction Records
Published Tuesday by the U.S. Patent and Trademark Office, Mastercard’s patent expounds that companies and groups face the challenge of storing different kinds of transaction information on a single platform. Currently, this is a difficult process to complete on a single blockchain.
Mastercard elucidated in the patent that a specific block-generation method for a permissioned blockchain can solve this issue by ensuring that different blocks can store different types of information.
Originally filed in 2016, the patent described that in the current environment of blockchain systems, blocks on a blockchain require transaction records that are of the same format and type, and in some cases, contain the same sizes of data.
The document also explained that current solutions to this issue are not effective. For example, if a company were to use multiple types of blockchains for different cryptocurrencies, it would require multiple blockchain platforms, in turn consuming a large swath of computing power.
The patent detailed:
There is a need for a technological solution to provide a partitioned blockchain that is capable of storing multiple transaction formats and types in a single blockchain, reducing the computing resources and processing power required for deployment and operation of the blockchain, while also providing for enhanced usage of permissions for permissioned blockchains.
Mastercard & The Crypto Space
Thus, the block-generation method, which renders a blockchain capable of storing blocks with different types of transaction data was generated.
This method and its winning patent is just one of several forays Mastercard has taken within the cryptocurrency and blockchain spheres.
The global payments company has become prolific in filing proposed patents that center on the technologies within these sectors.
Earlier in the year, Mastercard obtained a patent for a system that accelerates cryptocurrency payments. The system offered a user account able to transact in cryptocurrencies via existing systems for fiat currencies. It would link profiles that identify a user’s fiat currency amount, an account identifier and an address to reduce transaction times.
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