Mastercard takes a major step towards decentralization through Blockchain patent

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.

The granular partitions of multiple blockchains that will be part of the MasterCard blockchain will be called subnets. Each subnet will have different transaction types, and this is what makes this blockchain patent a higher utility blockchain.

Currently, the traditional blockchains are limited to a single kind of transactions both in format and size which cripples their utility. On 9th October, the latest blockchain patent was approved, and it revolves around unifying the partitioned blockchains and bringing them to a single permissioned secure blockchain.

Multiple blocks of data will be received from the multiple 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 has been awarded multiple patents in the blockchain space among which was the patent of July 2018 that proposes to link blockchain currency and assets to accounts that are based on fiat currency.

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