Mastercard Granted Patent for Anonymous Third Party Transactions

Mastercard was granted a new patent regarding anonymous transactions that involve a third party processor.

The patent was granted after Mastercard’s previous attempt in 2016 was filed back. Since its formation in 1966, the financial service corporation has marked itself as a world leader with annual revenue of $13bn.

Mastercard finds controversial solution

Mastercard was searching for a solution to satisfy the confidential needs of all parties involved in a transaction.

The patent grants them the right to generate transactions similar to those of a public blockchain. Ironically, it falls into the crypto category, which the company has been battling against. However, regarding anonymity, Mastercard has taken another approach.

Privacy matters

While the traditional blockchain scheme based on Bitcoin Core (BTC) remains accessible for consumers and businesses, Mastercard wants to avoid information leaks that could be used otherwise. By keeping specific data secret, they could use it to make profit, as selling the data or securing the information of specific transactions could act in the interest of particular individuals. The third party comes into play to help enable some specific ways of data circulation.

Mastercard

Mastercard needs to ensure efficiency that would directly offer no-worse alternatives than the blockchain. While the anonymous cryptocurrencies are growing at a fast pace, the corporation would continue offering particular solutions suited for different businesses and individuals.

John
 

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