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Photo: Coinspeaker
The global payment giant, Mastercard, said it had a new method to keep the anonymity of all cryptocurrency transactions. The company has proposed a system to execute transactions on a blockchain. This system would have masked both the quantity and the point of origin according to the patent application published on December 6th.
The process
This publication of the United States Patent and Trademark Office arrives a few months after MasterCard has revealed its interest in blockchain technology. The application highlighted that the system would use an intermediate address during transactions that interact with the public key. The data of the acquired transactions are then stored simultaneously while a private key generates a new transaction and a digital signature.
The new transaction details include the amount of the payment and the destination address. According to the patent application:
"The method would result in showing the user only the transfer of funds and receive funds from a small number of addresses that are also involved in a considerable volume of transactions with various other users, thus making the data harmless".
Moreover, the amounts can also appear anonymous through the use of different transfers using numerous addresses. The application also said that blockchain platforms are conquering the global financial world. Multiple users are moving to different digital currencies such as Bitcoin to execute transactions.
Reason for application
MasterCard says the move was inspired by the fact that some users prefer to encrypt their anonymity. It is almost impossible to identify users behind a blockchain address except for the case of authorized blockchains. Therefore, an individual can send or receive funds anonymously via blockchain.
Many of the existing blockchain registers are not actually anonymous. The application openly states that the transactions are traceable due to the immutable nature of the blockchain ledger. Therefore, it is possible to know all the transactions associated with a particular blockchain portfolio using public data. In the end, the strategy reveals the identity of the users.
MasterCard emphasizes that such data can reveal the identity of the portfolio owner after accurate accumulation and analysis. In the minimum case, it offers information about the owner without revealing his identity. But blockchain technology needs the identity of the origin and destination of the transactions performed to maintain the registry.
The application concluded that:
"We need a technical solution to increase the anonymity of a portfolio and the user associated with it in a blockchain."
L & # 39; focus
This MasterCard patent application reiterates the comments of supporters of privacy-focused cryptographers such as Zcash and Monero. Both of these tokens incorporate features that hide the origin and destination of all transactions. Furthermore, the total amounts involved in these transactions remain anonymous.
Currently, most users prefer anonymity during the execution of transactions. But the importance of coins like Zcash and Monero has raised enough to attract the attention of various government agencies. For example, the US Department of Homeland Security is tirelessly looking for ways to track the funds sent in the form of these privacy coins.
At the beginning of the week, the agency published a pre-solicitation document. The paper presented a proposal to study various forensic analysis procedures to track transactions relating to secret coins.
