New Mastercard patent for multi-currency blockchain systems technology

Leading payment operator Mastercard has received its next patent. This time the company patented the technology of multi-currency blockchain systems. Mastercard, the giant payment services provider, is showing increasing interest in blockchain technology. Their latest patent, related to a distributed ledger, was granted this week, according to a USPTO filing.

This is a breakthrough patent because Mastercard intends to develop a system that would allow storing multiple types of transactional information on one blockchain platform. The patent states:

"There is a need for technology that allows multiple formats and types of transactions to be stored on a single chain, reducing the computing resources and processing power required to deploy and operate a blockchain."

Under the technology proposed by Mastercard, different blocks can store different types of information on different chains on a single platform. The new technology includes:

⁃ storing blocks containing a partitioned blockchain (in which each block includes a header and transaction records)

⁃ retrieving transaction data records for each of multiple subnets;

⁃ generating a hash value of the header included in the last added block;

⁃ generating a new block header; 

⁃ generating a new block (this includes a newly created header and transaction data records for each of multiple subnets);

⁃ transmitting the new block to multiple nodes associated with the partitioned blockchain.

This is not the first time Mastercard has come out with a blockchain-related patent.  According to the study, Mastercard is the third largest company in the world when it comes to filing patent applications. The only ones ahead of Mastercard in the number of patents are Alibaba and IBM.

Just this year, Mastercard patented:  

-Anonymous transaction system on the blockchain

-Highly scalable blockchain patent.

-Patent for accelerated node verification

-Travel application system

-Patent for linking bank accounts with cryptocurrency accounts

Mastercard's research and development team in Dublin is focused on unlocking the potential of blockchain. The company even plans to hire 175 new blockchain specialists and cloud infrastructure specialists.