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MasterCard Patent Supports Multiple Currency Transactions in Single Blockchain

Mastercard Blockchain Patent published allows the company to store different transaction information to be stored in a single blockchain.

One Blockchain To Rule Them All

Mastercard, one of the leading financial services corporation has one of its patents published by the US Patent and Trademark Office (USPTO) on Tuesday. The patent allows the company to store various transaction information in blocks using a specific block generation method. These blocks essentially store the information on the same chain.

The patent describes a specific method for block generation for partitioned blockchain. Wherein, each block contains a most recent block. However, this most recent block contains one or more transactions and a header. The document was filed in July 2016 and explains,

The transaction records store in the blocks comprises a blockchain. These often needs to be of the same format and same types. However, sometimes even sizes, of data.

Also read: Mastercard Has Won a Patent for a Blockchain Travel Bidding System

Mastercard plans Multi-Currency Blockchains

However, this requires large computing power and to provide an alternative, the patent suggests,

There is a need for a technological solution to provide a partitioning blockchain . This will be capable of storing multiple transaction formats and types in a single blockchain….

The patent claims a partition blockchain can receive information about different transaction types from different computing devices, which gets a store in a “subnet”. This subnet stores information about specific types of currencies or information of other subnets.

mastercard blockchain technology

Each of these subnets is added to the new blocks and so on. This process may seem plausible on paper but is more complex than the existing blockchains.

Mastercard will likely approach developments revolving around technology use cases. Earlier this year, the company files a patent that could potentially speed up crypto payments. However, now it has won the patent on blockchain technology.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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