Mastercard Seeks to Embrace Blockchain Technology for Finding Fake Identities
Another giant is looking to adopt the blockchain technology for its system. The Mastercard‘s patent discloses a new project that aims to protect users’ personal information.
According to the U.S. Patent and Trademark Office (USPTO), the giant payment company Mastercard is seeking for a new improvement within its network. Through the patent, published on 12 April 2018, the company describes the new concept as a promising one. The blockchain technology will be used in order to ensure the transmission and reception of information in a secure system.
The document submitted for the first time in September 2017 aims to eliminate the “fake identity data“.
According to Mastercard, “The use of a blockchain for the storage of identity and credential data may provide for an immutable storage of such data that can provide an accurate verification thereof and also prevent the fabrication of such data.”
About the concept
The patent reveals that the new system will generate public keys for each “data file” submitted by an entity. This information will be supervised by a “superior entity” by entering a private signature. Using the “hashing module of the processing server“, an “identity value” for each entity will be created, obtaining, thus, new blocks that will store the newly added information.
According to Mastercard, the created nodes will have the role of “preventing the addition of data that may compromise the accuracy of the data stored therein.”
“In such instances, it may be difficult for an entity to disprove a false identity, leading to an interaction with an inauthentic individual or entity. Thus, there is a need for a technical solution to provide for the immutable storage of identity and credential data that may prevent fabrication and inaccuracies.”, the company noted.
Mastercard isn’t in its first involvement in such activities. The giant has completed several blockchain-based patent documents in the past. The company was remarked by its infrastructure project, where users have the chance to be paid in crypto while getting involved in the system. The giant also has submitted a patent that aims to improve the standard payment system by reducing the long processing time of them.
We want to mention that Mastercard has announced last week that is looking to hire 175 tech developers and blockchain specialists in order to support the company in developing new projects at its headquarters in Ireland.
You may be interested
Why Strong Web Security Is So Important for CryptocurrenciesAdriana Midrigan - August 20, 2018
One of the reasons why so many people have turned to cryptocurrencies lately is for the greater feeling of security…
Shanghai Stock Exchange to Integrate Blockchain TechnologyAdriana Midrigan - August 20, 2018
The Shanghai Stock Exchange (SSE) is working with the Insurance Asset Management Association (IAMAC) to streamline the insurance and pension…
Bitcoin Millionaire Lost His BTC to Forged Bank NotesAnca Faget - August 20, 2018
A South Korean businessman was duped into swapping his bitcoin holdings for fake banknotes, losing millions worth of BTC for…