MasterCard Registers New Blockchain Patent for Multi-Currency Transactions

The U.S Patent and Trademark Office (USPTO) has issued a patent for MasterCard for its new system for partitioned blockchains and enhanced privacy for permissioned blockchains.

The new method allows storing multiple transaction types and formats, according to reports.

As per the filing document MasterCard submitted, the patent filed for seeks to create a new method, that allows the generation of blocks for a partitioned blockchain.

The document explains that in the current blockchain system, the transaction records stored in different blocks that comprise a blockchain are often required to be of the same format and include the same types, and sometimes even sizes, of data. while the new system proposes a partitioned blockchain that may include transaction records for three different subnets, with the capability of the transaction records associated with each respective subnet to be formatted differently and may involve the transfer of a different cryptographic currency as associated with each subnet.”

MasterCard Might Implement Blockchain in its Future Projects

Experts read MasterCard’s activity as a proof of their endeavour to develop on blockchain, to have the industry implemented in their future projects.

It is worth mentioning that the company had already filed for a number of blockchain-related patents.

MasterCard had proposed the last summer a new method for a new mechanism for linking assets between blockchain-based with fiat currency accounts, depending on publish permissionaless blockchain.

In a similar context, the well-known crediting company had filed also for a patent for a system to combat identity theft in blockchain, in addition to a system for expediting the activation of new blockchain nodes.

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