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/ News / 2018/12 / Mastercard-files-patent-application-to-make-blockchain-Based-anonymous transactions /
MasterCard submits a patent application to perform anonymous blockchain-based transactions
Mastercard-files-patent-application-to-make-based-anonymous blockchain transactions
Three employees MasterCard, Ajay Nehra, Ankur Arora and Shashank Trivedi have recently filed an application to the US Patent and Trademark Office for a patent which, it is said, makes completely anonymous blockchain transactions.
According to Finance Magnates, the patent states that it will be able to reach anonymity using an intermediary, which means that transactions would not be direct, but would be first sent to a user who then sent them to their final destination.
The idea is apparently comparable to that of a bitcoin tumbler, which hides the transactions on the cryptocurrency blockchain by sending it to various addresses and bouncing it a number of times so that it is not traceable.
The patent also describes that it is possible to carry out the anonymity of a transaction through the same method, since dividing it into various parts could make it untraceable, even if the ledger is public. The combination of the subdivision of the transaction and its passage through intermediaries, for the MasterCard patent, would make it anonymous.
The Next Web emphasizes in particular that the patent uses the term "transaction" in an ambiguous way and does not mention that the system would be used for cryptocurrency transactions. The payment infrastructure provider has filed a patent to accelerate cryptocurrency payments at the start of this year.
In particular, the managing director of the organization, Ajay Banga, rejected the cryptocurrencies in July and stated that it was "garbage". He said that these are used for illegal activities, just like cash, but unlike credit cards. As covered, said Banga
I think the cryptocurrency is trash. The idea of an anonymous coin produced by people who have mine, whose value can fluctuate wildly – this for me is not the way in which every medium of exchange deserves to be considered as a means of exchange.
Regarding the Banga, both cash and cryptocurrencies are behind credit cards, as they are heavily controlled and can see financial institutions check whether funds are used or not for illicit activities.
