What’s going on?
A new patent from Mastercard – and significant investments in Europe – suggests the payments giant is working on innovative blockchain financial systems, including an identity security platform.
Why Does It Matter?
A patent application submitted by Mastercard to the US Patent and Trademark Office in September came to light last week and describes a public-private blockchain solution.
Mastercard’s proposed network would allow only its own authorised nodes to submit data to the system, reported CoinDesk. This would “prevent the addition of data that may compromise the accuracy of the data stored therein,” according to the patent.
How Is This Different?
A traditional blockchain is built for absolute anonymity. Mastercard’s new patent provides a description of systems and methods for the “distributed and immutable storage of identity data,” said the company. “The use of a distributed hash table to store identity and credential attributes and other data may ensure for fast and efficient accessibility of data, while still maintaining compliance with regulations regarding the on-site storage of such data.”
Mastercard has also announced it is to create 175 new jobs in Dublin, the global HQ of the company’s research and development arm, Mastercard Labs, reported the Irish Independent. The office hub currently houses 380 staff; the Independent reported the company has signed a lease at the Leopardstown premises until 2026 and taken an extra floor to accommodate new staff.