Mastercard begins to hang out with blockchain transactions
How we make ICO
The blockchain breaks new ground in financial services. Mastercard creates a system for performing anonymous transactions in the blockchain network. Taking in account real hostility to cryptocurrencies, the corporation decides to adopt some technologies.
A patent for a system, designed to facilitate the transaction`s speed in the blockchain was mentioned on the website of the US Patent and Trademark Office (USPTO) in the description of solutions of the problems. According to the Mastercard document, the transparent nature of the blockchain is an obstacle for the integration of this technology for daily payments. The innovation will be applied both for business and individual consumers.
Imagine, for example, someone wants to give a gift to a person without letting him know the details of this transaction. Moreover, a lot of companies will not be interested in providing for competitors and other third parties with such data as the volume of transactions.
To solve this problem, Mastercard Corporation has found a solution that helps to make the transaction, the details of which will be publicly available in order to preserve the credibility of the data. At the same time, it is impossible to track transactions and information on the transaction, by which it is possible to identify its participants. But you know that a number of cryptocurrencies are based on the anonymity of transactions.
Mastercard decided to do it otherwise, and to achieve anonymity without using a publicly-available digital currency, perhaps even trying to keep the ability for law agencies to track illegal transactions. Although this point is not described in details in this patent.
While the cryptocurrency is using p2p transactions, the Mastercard system still relies on a third-party server that maintains a user profile database. Together with the identity data, each profile contains a "top secret" section. After receiving information about the transaction from the company, the server hashes the transaction information, combining it with a secret section in the profile. After that, the hash can be published in the blockchain in order to prove the integrity of the transactions without revealing their specific details.
By the way, Mastercard has a large number of patents for development of blockchain in recent times. This Corporation is studying the technologies of the distributed registry for the verification of payment systems.
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