Bitcoin, Crypto currency, Blockchain

More security through Blockchain: MasterCard announces Patent

A recently published patent application from MasterCard indicates that the credit card giant has thrown an eye on Blockchain applications. The company would like to improve with the latest application for the protection of customer data.

By means of a semiprivaten or private Blockchain MasterCard identity data, the user would like to receive and save. Including information such as Name, address, and tax number could fall. This is not the first patent application of MasterCard in respect to the Blockchain. In the past year, the company has already brought a Patent for the application, with the help of the payments processed faster.

The value of the Blockchain-application at MasterCard

The Blockchain technology could contribute to the pseudo-identities in the registry. The patent application, the System generates a file for each unit, with a Public Key, and the geographical area of responsibility. These child files of a parent unit of a digital signature. Then, a Hashing module of the server generates an identity value for each unit and a Block with the data set of the newest block and a time stamp.

In contrast to a Public Blockchain, the MasterCard accepted-network only certain Nodes Feed the data. This authorized Nodes to prevent storing of data, which affect the accuracy of the stored data.

A concrete use case

MasterCard would create a classical Blockchain-Use-Case. Simply put, it must now be ensured that the data of a Person are correct, and Once documented with MasterCard. We take a look at the classic case of MasterCard: usually people pay in the retail sale of their purchased Goods. When making a payment, the must today run faster, the verification of the card user quickly. A signature is only an arbitrarily inaccurate Verification. A PIN can also be stolen. So it should be verified whether the user of the credit card is the true owner. With the help of a barcode or magnetic strip, the cashier may access the MasterCard Blockchain, and quickly Owner information such as Name, address, date of birth and a photo reading. In order to avoid the mistaken use of a credit card.

When Shopping Online, the process can look like so that the record of the credit card must match the data rate of the national identity card. Here, too, an adjustment can take place by means of a Barcode on the credit card or the ID card.

Why not with the help of a Central database?

You can at this point also the question of why one could not store the data in a Central database. On the one hand, it is sensitive data that must also be tamper-proof stored. This forgery can only offer a Blockchain. On the other hand, MasterCard is one of the companies that have to think in a world currently struggling with the globalization, global. Due to the political uncertainties, a Central Server may not be available worldwide.

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