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MasterCard is actively studying the blockchain

10/11/2018
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MasterCard global payment system is active in the study of digital technology. It has received a patent from the United States Patent and Trademark Office for multicurrency blockchain technology. This will allow in the future to provide customers with an extensive range of services.

What have MasterCard engineers invented

It is considered that only blocks with the same technical characteristics can be present in the blockchain tree. This imposes a restriction on its development since it is impossible here to convert the conditional bitcoin into a ripple or pound. However, MasterCard engineers were able to circumvent this limitation.

They have developed a technology that can integrate different types of transactions into one block. As a result, the blocks will be able to get much greater versatility and solve a wide range of tasks.

This requires much less computing resources than with the traditional method of information processing. The invention is based on the principle of dividing the network into sub-networks with their deep integration into single data blocks. This principle provides high flexibility in application and guarantees complete safety of information

MasterCard and blockchain

MasterCard international payment network is a recognized leader in the field of blockchain research. It has more than one dozen patents that affect the following areas:

  • anonymity;
  • protection of information;
  • user verification;
  • control over the passage of payments.

At the time of the emergence of cryptocurrency, they were positioned as competitors to traditional payment systems. Therefore, it is logical that MasterCard is forced to quickly learn new technologies. The company unites 22,000 financial organizations, and the blockchain technology can give a new impetus to its development. It is a peer-to-peer payment system that makes it related to cryptocurrencies.

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