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Mastercard has Big Plans with Awarded Blockchain Patents

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Mastercard patents

Mastercard just acquired a patent to store multiple transactions on a single platform.

It’s one of several patent applications from Mastercard. And it hints at big plans to compete in the blockchain-based payments marketplace.

Patent: Method and System for Partitioned Blockchain

Approved just this week, the patent details a method for the generation of blocks for a partitioned blockchain. This includes storing blocks comprising of a partitioned blockchain, where each block includes a header and transaction entries.  Furthermore, this will allow them to receive transaction data entries for each of a multitude of subnets. Therefore, it will a hash value of the header included in the most recently added block.

Additionally, it will generate a new block header, hash value, a timestamp, and a sequence of pairs. This will include a pair for each of the variety of subnets, as well.

“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,” says the company.

Other Mastercard Blockchain Patents

For example, its patent titled, “Method and System for Recording Point to Point Transaction Processing” reveals its interest.

Its aim is to record “point to point” transactions upon processing.

“The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform, by enabling data to be stored clearly and in a format that is easily auditable by participating entities. In cases where ledgers like blockchains are used, the leaders may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”

This is just the beginning for blockchain.

It’s not just Mastercard that is in the race.  Companies like Amazon, Microsoft, and Facebook are exploring ways to use the technology.  In fact, Facebook announced that it will shape their proposed reorganization to incorporate blockchain.

IBM, Accenture, Deloitte, JP Morgan, and HSBC are on board, too.

Companies and governments around the world are exploring its use.

In fact, market intelligence firm IDC says global spending on such solutions could more than double to $2.1 billion this year.  However, according to analysts at Cowen, full adoption is still nearly six years away.

 

 

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