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Mastercard Anonymous Cryptocurrency Patent Application

December 11, 2018

 

Mastercard is one of the leaders in both blockchain related patent applications and confirmations. In June they were awarded a patent that was filed almost three years ago for using blockchain for a new type coupons or award points system. And more recently, in October they were awarded a patent to create flexibility in blockchain storage, where multiple transaction types and formats could be joined together. The company is firmly committed to taking advantage of the emerging technologies.

 

“21st century B2B collaboration sits on an unwieldy, unconnected and largely unchanged mid-20th century B2B payments platform.”

 

They have two other patents still in the application process as well. Both filed this past summer, one is an outline for linking assets between blockchain and fiat currency accounts. The other is a group of three patent filings using distributed ledger technology to streamline B2B transactions.

 

Anonymous Blockchain Transactions

 

The most recent application “Method and System for Anonymization of Electronic Transactions Via Blockchain” presents a system for blurring the history of specific transactions on a blockchain network’s ledger in a way that results in anonymity. The system essentially utilizes a third party within the same blockchain network that the transaction travels through to erase the traceability back to the user.

 

The patent uses Bitcoin as a primary reference, which is a public network a 100% peer-to-peer structure. Wallet addresses are not directly tied to an individual’s identity. But the system does not overtly prevent tracing this information. This is the basis of much of Bitcoin’s positives, but can also be a negative. The reason that the information is important to be kept secure, is because it is more than just payment history. It can include geographic location, interests, spending habits. In the case of businesses or government entities, this transparency is vital to the maintenance of individual rights and regulatory fairness.

 

The patent outlines the system in eight primary steps, but is essentially group transactions into blocks that would be blocked with in the original transaction blocks of the network. In this way it could never be determined who or what was responsible for any particular amount of value involved in the group transaction.

 

 

By: BGN Editorial Staff

 

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