Mastercard Wins Patent for Multi-Currency Blockchains

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Credit Card giant Mastercard has won a patent for a system that would enable for the launch of different kind of blockchains including those that support that support multi-currencies.

Issued in Tuesday by the U.S. Patent and Trademark Officethe patent describes that a group or company may require to store different type of transaction information on a single platform something that is presently difficult to do on a single blockchain.

To counter this problem, MasterCard explains how a Specific block generation method for a permissioned blockchain can assure that different blocks store different types of information.

The document, which was initially filed in July 2016, describes that “the transaction records stored in the blocks containing a blockchain are often required to be of the same format and include the same types, and sometimes even sizes, of data.”

Although, “in the case of an entity that requires to use multiple types of blockchains, such as a different blockchain for numerous different currencies,” that source may need to run multiple blockchain platforms, which in turn would require a lot of computing power.

The patent goes on to explain describe:

“There is a requirement for a technological solution to give a partitioned blockchain that is capable of storing multiple transaction formats and types in a single blockchain, reducing the computing resources and processing power needed for deployment and operation of the blockchain, while further providing for enhanced usage of permissions for permissioned blockchains.”

The patent includes that an appropriately partitioned blockchain can get information about the transaction types from different computing devices. Each partition referred to potentially as a ‘subnet’ by the patent, would store data about a specific type of currency or otherwise hold multiple types of information than the other subnets.

Amongst all financial companies, Mastercard has become a  prolific filer of proposed patents, all formed around various use cases of the technology.