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 call the smaller sections of its blockchain network “subnets.” Each subnet will handle different types of transactions, which is why this blockchain patent offers more practical use than regular blockchains.
Right now, traditional blockchains can only process one type of transaction in a set format and size, which limits how useful they are. On October 9, officials approved a new blockchain patent that aims to combine these separate blockchains into one unified, secure system with controlled access.
The system will initially receive multiple blocks of data from various subnets. Subsequently, the MasterCard blockchain will add a hash code to each finished block, which will remain the same across all the transactions. Meanwhile, MasterCard is preparing a team in Dublin and actively hiring blockchain specialists to accelerate the development of its blockchain infrastructure.
As more patents in blockchain technology emerged, MasterCard introduced the idea of creating a new kind of blockchain—one that goes beyond traditional models to offer more uses and better support decentralization. The company secured several blockchain-related patents, including one in July 2018 that suggested connecting blockchain-based currencies and assets to regular fiat bank accounts.
