Mastercard Patents Own Blockchain System for Identity Verification

According to an application published by the U.S Patent and Trademark Office (USPTO) last April 12, Mastercard had filed a patent for a Blockchain system which will be used for storage and verification of identity data.

It is said that Mastercard’s blockchain aims to replace proof of identity provided by government identification, credit cards, business cards which are prone to inaccuracies and fabrication. However, the blockchain will use only only authorized nodes to submit and update system data, making it a (semi-)private solution.

The financial company still maintains its anti-Bitcoin, pro-Blockchain stance and has already reportedly filed 30 patents related to Blockchain and cryptocurrency.


Source: Coin Telegraph

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