MasterCard, which is engaged in the payment processing, is keen to expand its blockchain network in a big way. For this purpose, the company has added fresh nodes to the new age technology’s network. This came to light when the company filed a patent application with the Patent and Trademarks office last week. However, the important development is that there is a possibility that MasterCard could allow digital currencies as a valid payment method with its cards. Significantly, some of the big banks announced a few months ago banning credit or debit cards to acquire any virtual currencies.
The American firm’s application described its proposed method that nodes could connect with and verify the speeds of a specific blockchain. The objective is to get the speed with which the nodes could catch up to date would get boosted. Also, these notes could be used to store a copy of transaction history of the blockchain network. The company believes that this is a highly innovative method of the performance of increasing the transaction speed. This is not the first time that the company has filed its patent application for blockchain platform.
In October 2016 itself, MasterCard has started the process and filed an application, according to Coingeek. Its application clarified that the technology could store any number of transactions over a period of time. And that too in various blocks in large numbers. Moreover, the blockchain itself could manage millions and billions of blocks. However, every block should be verified with the help of the new node before generating any additional fresh blocks to the platform. Though this could be termed as a complex one, this showcased the company’s commitment towards the technology.
MasterCard’s patent application disclosed that “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.” Therefore, this required a technical solution to help boost the speed with which the new age technology could be navigated for verification. As a result, it would cut down the time taken for a fresh node to start participating in the blockchain.
However, for this, the company planned a fresh system to add, and this is called as ‘fast track flags.’ The card payment processing firm indicated that this would be added to block headers. The company’s nodes could then be used to use such flags to scan contents of the blockchain much quicker than expected. Its filing planned to make use of a specially configured blockchain, which could perform as a software counterpart. This would help reduce or remove inefficiency.
MasterCard’s growing interest towards the blockchain was quite evident when the company disclosed about its hiring. The company added 175 fresh developers. This included experts from blockchain too. It is quite natural that it is focusing on the blockchain platform since it is a decentralized one offering cost effectiveness to companies. Any company that is aligned with financial services would have to look at the possibility of using the technology. Otherwise, they are running the risk of allowing rivals to score over them.