Mastercard patented technology anonymous blockchain transactions

Despite open hostility towards cryptocurrencies, the financial services giant MasterCard has received this week several patents in the field of blockchain. A particularly interesting patent that describes a system of performing an anonymous transaction in the blockchains.

The patent, published by the Bureau of patents and trademarks USA (USPTO), describes a system for facilitating anonymous transactions in the blockchain. MasterCard believe that excessive transparency of the conventional blockchain transactions prevent the adoption of this technology in daily payments. Moreover, this applies to both businesses and individual consumers.

For example, someone wanted to buy an expensive gift for an important person, but at the same time does not want the recipient was aware of the details of the transaction. In addition, the company is not interested in the fact that their competitors or third parties could get such information — for example, the volume of transactions.

To solve this problem, MasterCard has developed a system that allows parties to participate in the transaction, the details of which will be kept public to ensure trust, however, will remain a level of anonymity not allow tracking of individual transactions and a transaction, which could identify the participants.

It is worth noting that the anonymity of transactions is a major feature of many altcoins such as Monero or zcash for. MasterCard strives to achieve the same without having to create a public cryptocurrency, and also to keep the possibility for law enforcement authorities to trace illicit transactions, although this point is not directly addressed in the patent.

Unlike cryptocurrencies that use P2P transactions, MasterCard offers a system that will use a third-party server with a database of user profiles, where, together with the identification data will contain a string with the secret data.

Thus, after the server receives the transaction details, he hashes and combines with a secret value from the profile. After that the hash is published to the blockchain to prove the integrity of a transaction, while not revealing specific details.

Recently it was reported that MasterCard is exploring the possibility of using the technology of the blockchain to protect
data cards, and to check
authenticity of consumer coupons.

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