Mastercard Wins Patent for Anonymous Blockchain Transactions

[felixesteban]

Financial services giant Mastercard was awarded several new blockchain patents this week, continuing its trend of embracing distributing ledger research even as it expresses open hostility to bitcoin and other cryptocurrencies. However, one particular patent is raising eyebrows.

The patent, awarded by the U.S. Patent and Trademark Office (USPTO) on Thursday, outlines a system that facilitates anonymous transactions over a blockchain network. Mastercard first applied for the patent in Dec. 2016.

According to Mastercard, the transparent nature of ordinary blockchain transactions is a hindrance to this technology’s adoption for everyday payments. That’s true for both businesses and consumers.



An individual, for instance, may want to purchase a gift for a significant other without the recipient being tipped off to the details of the transaction. Moreover, most businesses would not be too keen on providing competitors and other third-parties with real-time data such as transaction volume.

From the patent:

    “Thus, there is a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to ensure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity involved in the transaction.”

Read more:
https://www.ccn.com/mastercard-wins-patent-for-anonymous-blockchain-transactions/