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Mastercard to Use Blockchain Tech to Safeguard Identity Data

Mastercard applied for a system that helps improve system accuracy when recording data on the blockchain, by blocking fake data. The system helps improve verification and avoid possible fabrication of personal identity data.  

Mastercard applied for a patent with the U.S. Patent and Trademark Office (USPTO) last Thursday, for a technology to help safeguard identity data.

Filed for the first time in September last year, the system describes a system that employs semi-private or private blockchain to receive and store identity data including name, street address, tax identification number and other pieces of information. Being a semi-private or private blockchain, it will allow only certain authorized nodes to submit data and therefore not all nodes can submit data.

Mastercard will authorize which nodes to submit data. No- unauthorized nodes that can submit data to compromise on the system data accuracy. The system will generate a “data file” for each set of information supplied (entity). The data file is associating with a geographic jurisdiction.”

These entities would be “subordinate,” while a “superior” entity imposes a digital signature on the data files. The hashing process then produces an identity value for each entity and then the new block added to the chain.

The system will block fake data from entering the system. It will provide accurate verification and hence prevent possible fabrication of personal identity data.

It would replace other systems for supplying data which are susceptible to fabrication and inaccuracies.

This is one of the many patents filed by Mastercard. Another filing involves a system that could facilitate refund services for cryptocurrency users. Another system describes a system that could instantly process payments and therefore significantly reduce settlement times.

1240 patents filed last year

Additionally, about 1240 blockchain patents were filed in 2017 according to the Korean Intellectual Property Office. They were filing in various countries including South Korea, the United States, Japan, China, and Europe. Of these, 78% came from the United States and China, 8 percent from South Korea and 3 percent from Japan.

Besides, most of the applications focused on logistics, medical services, and public services.

The number of fillings increased from 2016’s tally of 594, 258 in 2015, and 27 in 2013.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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