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MasterCard, one of the world's leading payment infrastructure providers, is willing to make user transactions anonymous and wants to use blockchain technology for this.
At least that's what his recent patent application suggests. In it, the company describes ways to hide transaction data, such as the origin and the amount of the fund. This has led some to compare his initiative with aspirations that are often referred to as "money laundering".
So, what does it look like? First of all a main address is created, so this address stores the data relating to the transaction: the amount transferred and the address of the final recipient. At the same time, the system starts a process that creates a new transaction and a digital signature, this time with a private key. The goal of the transaction is to ensure that the right person receives the funds.
What happens is that in the end nobody knows who the receiver was. The system will only show that it was the Mastercard service without revealing specific data. It does not end here: the patent also suggests ways to almost completely obscure the quantity transferred by cutting it into smaller parts.
The Mastercard patent does not mention encrypted transactions. However, it does not process the type of transactions it intends to obscure. There is also ambiguity which government chooses to support this rather controversial idea, regardless of whether it concerns cryptography or fiat. Also, since the US Department of Homeland Security recently launched an initiative to de-ionize cryptocurrency transactions, while the G20 has pledged to regulate the crypt through anti-money laundering standards. Before that, Europol, a European version of the international Interpol agency, explored ways to tackle "the abuse of virtual currencies for illegal activities".
It should also be noted that this is not the first time that MasterCard has filed a blockchain-based patent: the payment giant also wants to use technology to accelerate cryptocurrency transactions.
The fact that Mastercard has issued patents that aim to use blockchain and even improve the speed of digital coin transactions could be flattering for encryption enthusiasts. However, it is also extremely ironic given that the last time Altcoinbuzz controlled Mastercard's CEO, Ajay Banga, called the "junk" crypto.
