Mastercard Files Patent for Blockchain to Store & Verify User Identity

Mastercard Files Patent for Blockchain to Store & Verify User Identity

In an application published by the U.S Patent and Trademark Office, MasterCard has filed a patent in order to use blockchain technology to store and verify customer identity data.

A representative from MasterCard states…

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“Traditionally, proof [of identity] has been provided via government identification, credit cards, business cards…[such] proof may be inaccurate… or may be entirely fabricated in ways that may be difficult to identify… there is a need for a technical solution to provide for the immutable storage of identity and credential data.”

The blockchain technology will allow MasterCard to distribute storage of user identity data on a blockchain system which will help prevent future abuses. The patent outlines that only permitted and authorized nodes are allowed to submit an update to the systems data.

MasterCard would require each customer to provide a minimum requirement of a public access key along with geographical information in order to generate their data file. This would allow blockchain to function in a way where it maintains a continuously growing list of data records that are protected against tampering or revision.

MasterCard also submitted a patent for instant payments utilizing blockchain back in November 2017. This new patent would be another step forward for MasterCard in regards to embracing the technology.

The company appears to be Pro blockchain technology, however anti-Bitcoin. The company’s CEO has taken a stance on mandated altcoins as “junk”. The company also emphasize its dance in March by stating that they would only accept central bank issued digital currency.

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