Mastercard Wins Patent for the Launch of Blockchains that can Support Multiple Currencies
Mastercard’s proposed patent for a system that would enable the launch of different kinds of blockchains, including those that support multiple currencies, has been granted.
Published yesterday by the U.S. Patent and Trademark Office, the patent states that a group or company would need to store various types of transaction information on a single platform, which as of now, is hard to do on a single blockchain.
Thus, to solve this problem, MasterCard details how a specific block-generation method for a permissioned blockchain can guarantee that different blocks store different kinds of information.
This solution could prove useful to Asgardia in the future as they unroll their own cryptocurrency called SOLAR.
The patent was first filed in July 2016 and explains that the transaction records stored in the blocks making up a blockchain most often need to be of the same format and include the same types, and sometimes even sizes, of data.
But, when it comes to an entity that wants to use multiple types of blockchains, like a different blockchain for several different currencies, that source might need to run numerous blockchain platforms, which means the need for a significant amount of computing power.
The patent further explains that there is a need for a technological solution to offer a partitioned blockchain that can store multiple transaction formats and types in a single blockchain, decreasing the computing resources and processing power needed for deployment and operation of the blockchain, while also offering an enhanced usage of permissions for permissioned blockchains.
The patent also states that an appropriately partitioned blockchain can receive information about transaction types from different computing devices. Each partition, referred to potentially as a “subnet” by the patent, would store information about a specific kind of currency or otherwise hold different types of information than the other subnets.
Amid financial companies, Mastercard has become a prolific filer of proposed patents, which all have to do with various use cases of blockchain technology.
For instance, earlier in 2018, the firm won a patent for a system that would speed up cryptocurrency payments within a proposed system.
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When preparing news, materials from the following publications were used:Imprint
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