Home News Blockchain Mastercard obtains Blockchain patent for different types of transactions

Mastercard obtains Blockchain patent for different types of transactions

Mastercard, one of the top financial companies, has possessed the capacity to acquire another patent on Blockchain. This new patent from Mastercard empowers distinctive kinds of transactions to be affirmed inside the Blockchain network.

A Mastercard patent was published on the United States Patent and Trademark Commission website on 9th Oct which clarifies that a group of organizations or organizations may need to store data on different kinds of digital currency transactions inside the same blockchain platform. MasterCard underscores that it was already extremely hard to store diverse kinds of information in one blockchain.

To take care of this issue, MasterCard invented a technique for building blocks, in which distinctive blocks of a network may contain diverse sorts of information. The allotments, named “subnets” by the patent would hold different transaction types permitting one blockchain to get data about the various transaction types from various sources. The subsequent blockchain would be more vigorous and have more prominent utility.

The patent says:

“A method for generation of blocks for a partitioned blockchain includes: storing blocks comprising a partitioned blockchain, wherein each block includes a header and transaction entries; receiving transaction data entries for each of a plurality of subnets; generating a hash value of the header included in the most recently added block; generating a new block header, the new block header including the generated hash value, a timestamp, and a sequence of pairs including a pair for each of the plurality of subnets, each pair including a subnet identifier associated with the respective subnet and a merkle root of each of the transaction data entries received for the respective subnet; generating a new block, the new block including the generated new block header and the transaction data entries for each of the plurality of subnets; and transmitting the new block to a plurality of nodes associated with the partitioned blockchain.”

It must be noticed that to launch a framework that can utilize a few sorts of blockchains for various digital currencies, will require a colossal measure of processing power. Review that in July, Mastercard got a patent for the strategy for quickening cryptographic money transactions. To diminish transaction time and operating cost, the organization proposes utilizing another kind of user accounts that will have the capacity to deal with digital currency transactions utilizing the framework made for Fiat.

Manisha Agrawal is a cryptocurrency and blockchain news writer. She is a Blockchain enthusiast and having a deep interest in it. Other than this, she has written various blogs on travel, business, technology, food, and many more.

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