Mastercard wins race and produces Multi-Currency Blockchain
As per a report published by the U.S. Patent and Trademark Office on Tuesday, Mastercard has filed for a patent for developing a special category of blockchains. Unlike the present ones, the new ones could host blocks of different size. They will be capable of handling more than one type of data at the same time – even currencies.
Mastercard has filed the patent for a long time ago that got cleared on Tuesday. The patent explains the idea of implementing a distributed ledger system capable of storing different transactions under a single unit.
This has become the need of the hour, said Mastercard. Stating further, the company cited how important it has become to collage data from different sources into a single unit for saving time and increasing efficiency.
Further adding, the company has noted that the patent will be cost-effective as well. In case of individuals who invest in different kinds of blockchains for different currencies, this initiative will be fruitful.
Moreover, it will result as a reduction of increased usage of computer resources and processing time when compared with single blockchains. The partitioned blockchain can be of different sizes and can be able to host information from different sources.
Each partitioned blockchain also termed as ‘subnet’, can hold different kinds of data. For instance, the subnets can individually represent data for a single currency or else can hold multiple currencies.
Within a year, Mastercard has filed patents in more numbers related to Blockchain, maybe, the firm is eying for revolutionizing current finance lifecycle through Blockchain altogether.