MasterCard to Sync Blockchain Data by a Fast Track Method

[Goodcat49]

On Thursday last week, the U.S. Patent and Trademark Office published a patent application and in this application, the company outlines a way by which nodes can pair with and substantiate the contents of a specific blockchain and this great idea is to increase the speed at which the nodes can be always up-to-date.

MasterCard representatives wrote in the application:

“The verification of such a large number of blocks may take a significant amount of time, during which new blocks may be added to the blockchain, further delaying the ability for the new node to participate. There is a great need for a technical solution to highly increase the speed at which a blockchain may be navigated for verification thereof, which can thereby reduce the time required for a new node to begin participating in the blockchain.”
When Did MasterCard Develop this Idea
In October 2016, MasterCard filed the application where it expounds “a blockchain may store thousands, millions, or even billions of transaction records over time in a vast number of different blocks.” Which means that blockchain could “contain thousands, millions, or billions of blocks, each of which must be verified by the new node prior to the generation and addition of new blocks to the blockchain.” The filing further talks about using a specially configured blockchain that would act as the software pendant to the nodes to increase efficiencies in the system.

Mastercard explained in the 2016 announcement that “accordingly, the use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain while still maintaining a security of account information and provide a strong defense against fraud and theft.”

If MasterCard wants to achieve its idea, it has to make sure that the suggested system includes “fast track flags” in block headers. This would help nodes to use the flags in scanning over the blockchain’s contents efficiently and quickly. 

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/mastercard-to-sync-blockchain-data-by-fast-track-method/