Financial services giant Mastercard, whose name we have started to hear frequently in the crypto community with the patents it has received regarding blockchain, was awarded another patent.
Mastercard filed a patent application for a system that facilitates anonymous transactions on the blockchain network in December 2016 in the US. He made it to the Patent and Trademark Office (USPTO). This patent was finally presented to Mastercard today.
According to Mastercard, the “transparent” nature of ordinary blockchain transactions prevents this technology from being adopted for everyday payments. The problem that this situation will create is valid for both businesses and customers. Part of the patent includes the following words:
“… it is therefore clear that there is a need for a technical solution that will simultaneously ensure the security and reliability of transaction details, while ensuring its anonymity and making it impossible to be tracked by others…”
Many cryptocurrencies, especially Zcash and Monero, can perform “anonymous” money transfer transactions. In addition, Bitcoin’s Lightning Network promises to increase anonymity in this regard.
However, although not explained in detail in the patent, Mastercard’s ability to make transfers without using any public cryptocurrency and to monitor illegal movements while doing so. Let’s say that you want to include it in your body…
Recently, Mastercard has also received a patent for the use of blockchain in card payments…