Mastercard Patent Would Support Multi-Currency Blockchain


Total News – Atlanta, GA 10/10/2018. Mastercard has been awarded a patent for a proposed blockchain that would support multiple types of currency.

The document was first filed on July 2016 and was awarded on October 9th by the U.S Patent and Trademark Office (USPTO).

According to the patent, "the transaction records stored in the blocks comprising a blockchain are often required to be of the same format and include the same types, and sometimes even sizes, of data. In the case of an entity that wants to use multiple types of blockchains, such as a different blockchain for several different currencies, the entity must deploy and operate each of the different blockchains, which may require significant resources and processing power."

The document further states

"there is a need for a technological solution to provide a partitioned blockchain that is capable of storing multiple transaction formats and types in a single blockchain, reducing the computing resources and processing power required for deployment and operation of the blockchain, while also providing for enhanced usage of permissions for permissioned blockchains."

Mastercard's first blockchain patent was approved in November 2017 which was for a blockchain payment system.
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