MasterCard Granted Patent for Multi-Currency Blockchains

MasterCard has been granted a patent for a project that would make it possible to launch several types of blockchains. This proposed system would also support blockchains that allow for multiple currencies.

Mastercard

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The patent, which was published by the United States Patent and Trademark Office (USPTO) on Tuesday, October 9, explained that a company or group may have to store several kinds of information dealing with transactions on one platform. Currently, several blockchains are required to store transaction information as it is difficult to do it on one blockchain.

In a bid to solve this challenge, MasterCard, in a document that was filed in July 2016, elaborates on how several blocks can store different kinds of data by using a specific block generation system that is created for a permissioned blockchain.

The document goes ahead to say that “the transaction records stored in the blocks comprising a blockchain are often required to be of the same format and include the same types, and sometimes even sizes, of data.”

It goes further to note that “in the case of an entity that wants to use multiple types of blockchains, such as a different blockchain for several different currencies,” there might be a need to operate several blockchain platforms at once, and this could, in turn, require the use of a massive amount of processing power in addition to significant resources.

MasterCard proposes in its patent that the use of a “partitioned blockchain” could be the answer to this issue. It also outlines how transaction data storage and block generation would function in its proposed system. It describes the prospective partitions, which would interact in a larger, single system as well as be consistent internally, as “subnet”

According to MasterCard, “A partitioned blockchain may include transaction records for three different subnets, where the transaction records associated with each respective subnet may be formatted differently and may involve the transfer of a different cryptographic currency as associated with each subnet.”

The document continues, “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.”

This patent is among the increasing patents related to blockchain that MasterCard has filed. The company filed for a patent in spring that will enable a blockchain system prevent identity theft as well as increase the speed of the activation of new nodes present in a blockchain.

Conclusion

USPTO has awarded a patent for partitioning blockchain to MasterCard. This proposed system will make it possible for a blockchain to store multiple transactions and formats of varying types.

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