Mastercard, an American multinational financial services company based in New York, USA, has developed a new method to anonymize crypto-currency transactions. According to the U.S. Patent and Trademark Office published a patent application the company has introduced a method for managing transactions on a Blockchain, which would anonymize both the starting point as well as the transaction amount.
The System will work by using an intermediate address during a transaction, which communicates with the public key. The transaction information is then stored as a new transaction and a digital signature using a private key to be created. The new transaction data, including the destination address and the payment amount would be passed on.
The Patent States:
The user will only be money transfers appear between a few addresses, which are also involved in a significantly large volume of transactions with various other users, allowing data to be masked.
Mastercard and cryptographic-Blockchain-patents
This is not the first Time that Mastercard has filed for a crypto currency/block chain patent. In July 2018, the payment giant has received a US Patent for the acceleration of crypto-currency transactions. The processing of a transaction on a Blockchain-based often takes about 10 minutes. In order to expedite the transaction that created Mastercard profiles to a secondary Wallet for storing a variety of Account, wherein each profile includes a Fiat currency amount, a Blockchain currency amount, an account identifier and an address.
In October 2018 and Mastercard received a Patent for a method for partitioning a Blockchain. This would further enable the introduction of various types of block chains, even those of different currencies. The Patent illustrated the procedure of a Blockchain, which is able to “to store a plurality of transaction formats.” It is noted that this is essential, because block chains require that all actions must have a similar Format and are of a uniform size, which limits the efficiency.
The application of a partitioned Blockchain can enable a single Blockchain to collect transaction data sets for a majority of different block chains, which the development effort is reduced, to provide different block chains. In addition, the allocation of the transaction records in the Blockchain can allow restrictions on access to the records, since the capacity for separate formatting of the data records is given in a single Partition.
Follow us on Twitter, Instagram, Facebook, Steemit and the Telegram News channel or Newsletter .
You would this article like to comment on? Then come to our Telegram discussion group .
Do you have a passion for the topics of Bitcoin, Blockchain and crypto-currencies? You have Talent as a writer and desire to work in a Team with other crypto-enthusiastic people to work? Get in touch with us and become part of our team! Send us a short application to firstname.lastname@example.org! We look forward to your applications.