Mastercard to Use Blockchain For Anonymous Transactions

Payment service giant moves forward to distributed ledger technology with new patent won
29 June 2018   851

The giant of financial services Mastercard has patented the system for anonymous transactions in the blockchain. This is reported at USPTO website.

As described on the website of the US Patent and Trademark Office (USPTO), the transparent nature of ordinary blockchain transactions is an obstacle for the introduction of this technology into everyday payments. This applies to both business and individual consumers.

For example, someone can make a gift to an important person without notifying her or he about the details of the transaction. In addition, most companies are not too interested in that competitors or other third parties obtain real-time data such as, for example, the volume of transactions.

Thus, there is a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to ensure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity involved in the transaction.

Mastercard Patent Filing

Note that a number of crypto-currencies focuses on anonymity of transactions, for example, Monero and Zcash. Also Lightning Network promises to increase the confidentiality of the Bitcoin network .

Mastercard seeks to achieve the same without launching a cryptocurrency, and the company's new patent, although not directly mentioned, may potentially enable law enforcement agencies to track illegal transactions.

While the cryptocurrency is using p2p transactions, the Mastercard system still relies on a third-party server that maintains a users profiles database. Together with the identification data, each profile contains a string of secret data.

After receiving information about the transaction from the company, the server hashes the transaction information, and then combines them with a secret value from the profile. After that, the hash can be published in the blockchain to prove the integrity of the transactions without revealing their its specific details.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   122

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.