MasterCard Patents Blockchain Tech For Combating Fake Identities

MasterCard has officially filed a patent for the blockchain system which is designed to store and verify identity data in an application published by the US Patent and Trademark Office (USPTO). The patent was published on April 12th.

According to MasterCard’s statement in the patent:

“Traditionally, proof [of identity] has been provided via government identification, credit cards, business cards…[such] proof may be inaccurate… or may be entirely fabricated in ways that may be difficult to identify… there is a need for a technical solution to provide for the immutable storage of identity and credential data.”

The patent continues to outline the ways in which the distributed storage of identity on the blockchain can function – in order to prevent similar abuses. That way, the patent proposes a semi-(private) rather than public blockchain solution that will only permit authorized nodes to submit and make changes to the data.

Speaking of, the approved nodes would require each entity to provide a public key and a geographic jurisdiction (as a minimum) in order to generate a data file. The “subordinate” entities would each be assigned a digital signature as a “superior” entity. The “hashing module” of MasterCard’s processing server will then generate an “identity value” for each entity and create a unique timestamped block (with a complete record of the most recent block added to the blockchain).

This way, the blockchain will function to “maintain a continuously growing list of data records hardened against tampering and revision”.

MasterCard originally submitted a blockchain tech patent for instant payments in November 2017 – offering B2B payments in place since October 2017. However, the new blockchain announcement has a specific appeal to blockchain tech specialists and is seen as ‘the most revolutionary one by MasterCard so far’.
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