Mastercard Wins Patent For ‘Storing Multiple Crypto Transaction Types in a Single Blockchain’
It looks like even Mastercard, one of the most important financial operators in the whole world, is now interested in the crypto and blockchain technology. The company has recently been awarded a patent for a system that could allow someone to launch many blockchains, including ones that support multiple currencies.
The new patent has been published today by the U. S. Patent and Trademark Office and it explains that a company might use it to store different types of transaction information on a single platform, which is something that is very hard to do using a single blockchain at the moment.
To be able to solve the issue, Mastercard describes a very specific block-generation method in which someone could use a permissioned distributed ledger to create different blocks that store different types of information in the same chain.
The Document Was Originally Filed In July 2016
Mastercard already had this plan for a while. The document was originally filed in July 2016, way before the crypto craze of 2017. It explains that the transactions records that are stored in the blocks generally need to be the same and is basically focused on solving this issue with the use of multiple types of blockchain or different blockchains for several currencies.
This would require a significant amount of power to be actually made, though, as it would be more complex than most of what is currently available is.
The patent also explains that there is an urgent need for a solution that can provide a partitioned blockchain that can store more than one transaction format in it within a single chain. This, it is believed, could reduce the computer resources that would need to be used and would enhance the technology.
Each partition in the project is referred as a “subnet” of the system and would be used to store information about any specific type of currency that could hold different types of information when compared to the other subnets.
Mastercard is known for filing many patents developed around technology use cases and earlier this year, the company has scored a patent for a system that could speed up crypto payments, so this is not the first time that the company is focused on the blockchain technology as something that could be really useful.