Mastercard won its third patent for a blockchain project signifying the company’s intention to build distributed ledger technology into its system.
U.S.-based global payments and technology company Mastercard is looking for blockchain specialists after the United States Patent and Trademark Office (USPTO) granted its third patent application for a moderately modified version of the distributed ledger technology (DLT).
The USPTO released Mastercard’s patent titled Method and system for partitioned blockchains and enhanced privacy for permissioned blockchains on Tuesday, reports Finance Magnate. The patent highlights the multinational financial firm’s foray into the blockchain technology.
The report also cited the Irish Times which said last month the company’s Dublin-based research and development unit had started its process of looking for blockchain specialists.
“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,” Mastercard said in its patent application.
According to Finance Magnate, the latest patent described its blockchain project as capable of “storing multiple transaction formats.” It added the project is necessary because blockchain requires all transactions to be of similar size and formats, which restricts utility.
Mastercard said this could be achieved by permitting blocks to accept data from “a plurality of subnets.”
Partitioning blockchain, the company pointed out, will enable a single blockchain “to store transaction records for a plurality of different blockchains,” which would limit the deployment necessary for launching the plurality of blockchains to the single, partitioned blockchain.
“In addition, the partitioning of the transaction records in the blockchain may enable limitations on the access to the transaction records due to the ability for the records to be formatted differently in each partition,” it added.
The USPTO first approved Mastercard’s first blockchain patent in November 2017 with the title Method and system for instantaneous payment using recorded guarantees, and in July this year, the company suggested a sending digital currency through a system that was initially designed for fiat money.
Last month, Mastercard said it developed a blockchain-enabled system to streamline and provide high-volume business-to-business (B2B) transactions up to date. The new system is included in a series of patent applications by the company to the USPTO.
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