MasterCard, which is a payment processing giant, is looking for a patent on fast track data manipulation with the help of blockchain technology. The company filed an application for patent with the American patent and trademark office. It is not surprising news since the card processing firm has been engaged with the new age technology for one or the other things in the last over a year. It was the first one to provide offering the users to send money through blockchain thus avoiding a swiping card.
That is a clear indication of how much importance MasterCard has shown on blockchain technology. In its application for patent, the American firm explained a method through which nods could be connected with. The patent also seems to verify the contents of a specific blockchain Per MasterCard. The company indicated that its aim is to increase the speed at which nodes could get up to date. Incidentally, the nodes store a copy of network’s history of the transaction. In October 2016, the company has filed its first application, according to Coindesk.
The card processor firm’s application explained that a blockchain might store thousands or millions or even billions of records of the transaction. This will spread over a period of time in a large number of varied blocks. This is part of its unchallengeable nature. This also meant that the new age technology could have millions or billions of blocks and each could be verified by the new node. However, this is before the generation or adding of any fresh blocks to the blockchain.
According to the company, “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 … Thus, there is a need for a technical solution to increase the speed at which a blockchain may be navigated for verification thereof, which can thereby reduce the time required for a new node to begin participating in the blockchain.”
For doing this, MasterCard has proposed a system that would add the so-called ‘fast track flags.’ This included in block headers. This apart, nodes and per MasterCard would be allowed to use such flags. This will help scan contents in blockchain more quickly. Significantly, the filing talked about the usage of a specially configured blockchain. This would act as a software counterpart to the nodes thus helping further efficiencies.
Expanding Financial Services
MasterCard is engaged in providing expanded access to its financial services. Therefore, the company indicated recently about hiring 175 fresh developers that included blockchain specialists. They will work in its research and development center, MasterCard Labs, in Ireland. The fresh hires focus would be on establishing more efficient payment systems.
The company has also indicated that it sees the new age technology to protect identity data. The card processing firm also filed an application for a patent for this during the middle of April. These are few instances where the company sees the platform of blockchain to be more beneficial.