Mastercard to File New Blockchain Patent

Bank card giant eyes blockchain for fake identities fight
16 April 2018   144

According to a recently published patent application, the payment giant Mastercard is considering the possibility of using a blockchain to protect identity information. This isr eported by Coindesk.

A statement published by the US Patent and Trademark Office describes a system in which a semi-private or private blockchain is used to obtain and store identification information, including "names, addresses, taxpayers' numbers," etc.

In its application, the company writes  that the tech could help it block the use of fake identity data within its systems.

The use of a blockchain for the storage of identity and credential data may provide for an immutable storage of such data that can provide an accurate verification thereof and also prevent the fabrication of such data.
 

Mastercard

The application explains that the system will generate a "data file" for each unit with which the public key and "geographical jurisdiction" will be associated. These units will be "controlled", while the "master" unit will digitally sign on their data files. A "hashing module of the processing server" would subsequently generate an "identity value" for each entity and create a block with a timestamp and a record of the most recent block added to the blockchain.

Mastercard blockchain will not be public, which means that only authorized nodes will be able to transfer data in it. They will "prevent the addition of data that may compromise the accuracy of the data stored therein", the application said.

In other words, only the approved nodes of the Mastercard will be able to update the identification information with the system. The company notes that the proposed system can replace existing systems in which information can be fabricated or contain inaccuracies.

In such instances, it may be difficult for an entity to disprove a false identity, leading to an interaction with an inauthentic individual or entity. Thus, there is a need for a technical solution to provide for the immutable storage of identity and credential data that may prevent fabrication and inaccuracies.
 

Mastercard

To date, Mastercard has filed several patent applications, which mention the blockchain. In one of them, the possibility of creating a service for reimbursement of funds spent for the purchase of crypto-currency by users of funds is being considered, in the other - a database on a blockchain that is capable of instantly processing payments.

Australia joins the crypto-discussions arena with Bitcoin & Blockchain Fair

The inaugural Bitcoin and Blockchain Fair will be presented at the Sydney Showgrounds on May 12-13 with an all-round program about cryptocurrency and blockchain
21 April 2018   27

A high profile event in cryptocurrency and blockchain is coming to Sydney, Australia on May 12-13 – Bitcoin and Blockchain Fair. The conference will provide a platform to interact and discuss on all areas of the cryptocurrency and blockchain technology sectors (fintech, investment, venture capital, regulation, ICO, etc.), current opportunities and perspectives in the form of a Forum and an Exhibition Showcases.

The Exhibition Showcase that will allow to exhibit showcases and engage with crypto services providers, government and fintech startups. Forum is the bulk of the conference and is comprised of 2-day sessions to allow international speakers and industry leaders of the crypto and blockchain sectors a chance to share their expertise. May 12 is focusing on cryptocurrency and ICO engagement; May 13 wil cover blockchain technology overview, case studies, solutions and future trends.

The fair is organized by ABF Business and Principal Sponsor Coinspot. Exhibitors and Speakers include attendees from Asia, Europe and USA together with key Australian high profile crypto & blockchain enterprises. The full agenda of the event can be found here.