Mastercard receives patent for method to partition blockchain
Mastercard received a patent for a method and system for partitioned blockchains and enhanced privacy for permissioned blockchains from the US Patent and Trademark Office on 9 October adding to its growing stable of blockchain-related patents.
The awarded patent will allow Mastercard to overcome a larger problem where transaction records stored in the blocks of a blockchain are often required to be of the same format and include the same types, and sometimes even sizes, of data.
According to its filing, companies often require significant resources and processing power if they need to use multiple types of blockchains such as a different blockchain for several different currencies. Another issue is allowing companies to operate permissioned blockchain, where varying levels of permissions can be extended to access to the actual transactions in the blockchain.
Mastercard’s solution provides a partitioned blockchain capable of storing multiple transaction formats and types in a single blockchain while reducing the computing resources and processing power required for deployment and operation of the blockchain. It also provides for enhanced usage of permissions for permissioned blockchains.
This most recent patent follows on from several other patents filed by the financial services company including one for speeding up merchant transactions that use cryptocurrencies and a patent for a payment system that allows for anonymous transactions over a blockchain network.