Mastercard is awarded with a patent for the innovation of partitioned, multi-currency blockchain
American multinational financial service provider, Mastercard has been awarded a patent for inventing a method to partition a blockchain, making it compatible to store multiple types of formats and transactions. The U.S. Patent Trademark Office (USPTO) published the patent filing on October 9.
In the document, it is explained that the current blockchain technology stores the transaction data in different blocks that constitute a blockchain, and are “often required to be of the same format and include the same types, and sometimes even sizes, of data.”
For this, if anyone wants to use multiple types of blockchains, whether it be supporting different cryptos or ones with multiple degrees of permission or unrestricted access, are forced to operate various blockchains simultaneously.
Mastercard asserts that this process consumes a “significant” amount of resources and computing power, and this is the impetus behind finding an alternative solution to the problem.
Their solution proposes a “partitioned blockchain,” highlighting the particulars of how block-generation and transaction data storage will work in this new system. The proposed partition is termed as “subnet” which would be consistent internally but would interact in a single system, widely.
The patent further notes, “a partitioned blockchain may include transaction records for three different subnets, where the transaction records associated with each respective subnet may be formatted differently and may involve the transfer of a different cryptographic currency as associated with each subnet.”
Apart from this Mastercard has filled many other patents related to the blockchain. Earlier this summer, it proposes a new method for linking assets between fiat currency and cryptocurrency accounts, based upon a public (permissionless) blockchain. Again in spring, it filled for another patent to speed up the activation process of new nodes in a blockchain, along with a blockchain system to safeguard identity data.