The new Mastercard patent aims to make anonymous blockchain transactions – BTC threads

Of& nbspSumedha Bose

Mastercard has patented new blockchain solutions on the left and right, for a while now. Previously, they filed patents to apply fiat banking principles to encryption, multi-currency blockchain, allow bitcoin transactions on credit cards and many others.

The latest patent filed with the USP Patent and Trademark Office (USPTO) concerns a transaction anonymisation method completed on a blockchain platform. It aims to address the problem of anonymity when it comes to blockchain.

The patent states that "the use of one or more intermediary addresses to obscure the source and destination of funds in a blockchain transaction" will increase the anonymity of the entities associated with blockchain addresses. "

(More information on: Blockchain technology)

If someone is concerned about responsibility and security issues, Mastercard reiterates that the nature of the blockchain is such that it is an immutable ledger and therefore every transaction can be traced back to the genesis block.

The company has stated that it wishes to make the transaction anonymous, and not just the user behind it. In this context they stated that:

"The existing structure of communications and the assignment of blockchain technology like Bitcoin requires the identification of where transactions are issued and terminated, in order to keep the register.This creates a technical problem of interests competing at the 39; internal technology. "

Mastercard is not the only company that is trying to solve Blockchain's anonymity problem. Also Zcash (ZEC) and Monero (XMR) were designed with similar concerns in mind.

Back in June, Mastercard had filed a blockchain patent to verify the authenticity of consumer coupons, entitled "Method and system for coupon authentication through Blockchain". Since then, they have come a long way in terms of technology testing and patents based on blockchin.

(More information on: Scalability of Blockchain)

Sumedha Bose

Sumedha uses words like her crutch to get by in life. He takes a keen interest in discussing, dancing and destroying patriarchy in his spare time. You can be contacted at [email protected].