Tuesday, September 17, 2019

Blockchain Patent for Partitioned, Multi-Currency Blockchain Awarded To MasterCard

MasterCard, an international payment system and also trans-national financial cooperation has been awarded a patent for a method to partition a blockchain by the U.S. Patent and Trademark Office (USPTO) as published on Oct. 9. The patent will see the possibility of storing multiple transaction types and formats.

MasterCard Newly Awarded Blockchain Patent

The new patent awarded to MasterCard would enable the transformation of the status quo. The present status quo of cryptocurrency transaction only enables transactions record stored in the different blocks that comprise a blockchain to be of the same format, including the same type, and at times same size and data.

The current template makes it impossible for any individual interested in using multiple types of blockchain to operate many blockchains at once, regardless if it supports different cryptocurrencies or has a level of permission or open access.

According to MasterCard the existing template which it patent seeks to revamp significant resources and computing processing power which guides its interest in exploring an alternative to the conventional procedures.

A new alternative and solution to the problems encountered with the use of multiple blockchains are provided for through the MasterCard’s patent. With partitioned blockchain, block-generation and transaction data storage would be enabled with the subnet. This will be internally consistent but would interact in a broader and single system.

The filing also further noted that a partitioned blockchain might include transaction records for three different subnets, and the transactions record associated with each respective subnet may be formatted differently and may involve the transfer of a different cryptographic currency as associated with each subnet.

Related Article:  Changpeng Zhao Says Cryptocurrency Will Overtake Fiat Due to Excessive Printing of Cash

Blockchain Patent and Its Trend

The blockchain technology has seen broad adoption and use by firms and countries. Increasing trend of blockchain adoption has been stimulated by the regard given to the technology, especially as the future of the tech world.

The technology has been very significant in transforming every industry through its positive application. Countries that have refused to adopt the cryptocurrency have adopted blockchain technology to meet some of their tech needs.

Firms have been seeking a haven for themselves in the blockchain space by filing for a different patent. There has been a continuous growth of the number of blockchain patent filed in recent times.

MasterCard’s recent filing joins others already made for blockchain patents which include a new method for linking assets between blockchain and fiat currency accounts, a system to speed up the activation of new nodes in a blockchain, and blockchain system to combat identity theft.

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