Mastercard Eyes Blockchain Tech to Track Data
The giant Mastercard plans to adopt blockchain technology to track data, according to an official patent.
The document was published by the U.S. Patent and Trademark Office on Thursday, 26th April 2018, and entitled “METHOD AND SYSTEM FOR FAST TRACKING NAVIGATION OF BLOCKCHAINS VIA DATA MANIPULATION“. Through this patent, the payment company describes a new system by which it would prefer to operate with the records. Thus, the information stored on the nodes will be transported to a blockchain network. The main objective is to increase the speed of real-time transactions between nodes.
The application was submitted in October 2016, starting from the idea that “a blockchain can store thousands, millions, or even billions of transaction records over time in a vast number of different blocks.”
Taking into account these aspects, it means that the blockchain system could “contain thousands, millions, or billions of blocks, each of which must be verified by the new node before generating and adding new blocks to the blockchain.”
“The verification of such a large number of blocks may take a significant amount of time, during which new blocks may be added to the blockchain, further delaying the ability for the new node to participate … Thus, there is a need for a technical solution to increase the speed at which a blockchain may be navigated for verification thereof, which can thereby reduce the time required for a new node to begin participating in the blockchain,” the company wrote in the document.
In order to update the system, the proposed technology will consist of “fast track flags” positioned at the top of individual nodes. Thus, each node will be able to use flags to quickly check information in the blockchain-based system.
To make an idea about how would blockchain technology influences the Mastercard’s system, check the video below.