Mastercard wins patent for a system to launch different kinds of blockchains
In order to launch different kinds of blockchains including those that support multiple currencies, MasterCard has won a patent that allows for such a launch, as published by the US Patent and Trademark Office on Tuesday.
The patent explains that the company needs to store all types of transaction information on a single platform which is quite difficult to do on a single blockchain.
Trying to solve the issue, MasterCard explained how a particular block-generation method for a permission blockchain can confirm that different blocks store various kinds of information.
In the document which was filed first on July 2016, the company describes that “the transaction records stored in the blocks comprising a blockchain are often required to be of the same format and include the same types, and sometimes even sizes, of data.”
In case a company wants to use multiple blockchains such as different blockchain for several different currencies, the source might need to run multiple blockchain platforms and for that, it requires a huge amount of computing power.
The patent application goes on to add, “There is a need for a technological solution to provide a partitioned blockchain that is capable of storing multiple transaction formats and types in a single blockchain, reducing the computing resources and processing power required for deployment and operation of the blockchain, while also providing for enhanced usage of permissions for permissioned blockchains.”
According to the document, if the blockchain is partitioned, then different computing devices can help you receive information of transaction types. Each subnet will hold information about a particular cryptocurrency or otherwise hold various types of information than the other subnets.
Mastercard, among all financial companies, has become the leader in the financial arena by filing a number of proposed patents.
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