Mastercard has filed a patent for a new blockchain system to help it combat identity fraud…
Mastercard has joined the growing number of high profile financial companies who are embracing blockchain technologies on the one hand, even if some of them are steering away from cryptocurrencies on the other.
According to a patent filming that was submitted for the first time last September, the company is looking to utilise blockchain in its battle against identity theft.
Its filing, that can be found here, sees Mastercard seeking a patent for “a method of distributed storage of identity data”, one that includes “receiving entity data for a plurality of entries, the data including an associated public key, associated attributes and a geographic jurisdiction”.
The abstract for the patent also makes note of a “subordinate entity’s data file” that “includes a digital signature associated with a superior entity”.
It adds that “the use of a blockchain for the storage of identity and credential data may provide for an immutable storage of such data that can provide an accurate verification thereof and also prevent the fabrication of such data”.
This wouldn’t be a public blockchain system, rather one that only allows nodes approved by Mastercard to properly update the chain.
Mastercard continues to invest in blockchain infrastructure, and we’ll follow the progress of this particular patent with interest.