Mastercard has moved ahead in the blockchain ecosystem as it garnered a win for its third patent in the blockchain system. While this is not a traditional blockchain patent, it is a step advanced and can process multiple types of transactions. MasterCard, the global lending and the payment solutions multinational company filed the first version of this patent in July 2016.
The patent will allow any organization to use multiple types of blockchains from a single blockchain. It could be a simple task of managing various cryptocurrencies that would ask for higher computational power, and this blockchain will provide it.
MasterCard will refer to the granular partitions of multiple blockchains within its blockchain network as subnets. Each subnet will have different transaction types, and this is what makes this blockchain patent a higher utility blockchain.
Traditional blockchains currently handle only one kind of transaction in a fixed format and size, which limits their utility. On October 9, the authorities approved a new blockchain patent that focuses on unifying these fragmented blockchains into a single, permissioned, and secure system.
The system will receive multiple blocks of data from various subnets. The MasterCard blockchain will add a hash code on a finished block, and that would be same for all the transactions. MasterCard is preparing a team in Dublin and is hiring blockchain specialists aggressively to develop the blockchain.
Following the increasing trend of patents in the blockchain, MasterCard came up with this idea of patenting a blockchain that would be a plural version of the traditional blockchain bringing in more utility to the decentralization. Mastercard secured multiple patents in the blockchain space, including a July 2018 patent that proposes linking blockchain-based currencies and assets to fiat currency accounts.
