Mastercard to File New Blockchain Patent

Bank card giant eyes blockchain for fake identities fight
16 April 2018   462

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.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   137

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.