Mastercard to Use Blockchain For Anonymous Transactions

Payment service giant moves forward to distributed ledger technology with new patent won
29 June 2018   935

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.

Diffusion 2019 to Gather Crypto Hackers in Berlin

World most interesting tokenised protocol teams joined forces to create one of the biggest devconf in the world
20 September 2019   253

19th-20th October 2019, Berlin, one of the IT capitals of the world, will gather representatives of blockchain, AI, IoT and Big Data industries across the globe. 350 developers are going to test their skills, by hacking with 25m+ lines of open source code. Thousand of prizes awaits the winners.

This two-day event will focus on the practical application of open-source distributed ledger technology, smart contracts, machine learning and programmable tokens, to create a new data layer.
 

Diffusion

Diffusion 2019 Attendants
Diffusion 2019 Attendants

The conference will last for two days and is focused on the practical usage of open-source blockchain technology, machine learning, programmable tokens and smart contracts with a goal to create a new data layer. 

If you are not a skilled programmer, you will find what to do, Join panels, chats, workshops. Discuss the latest topics, such as token economics, blockchain for enterprise, AI, deep learning and more. Whether you are a dev, work in IT or tech industry, geek or just interested all that new - this is a place for you. You will be able to discuss things and share knowledge with lead developers, professors, start-upers and CEOs.

Part of Diffusion 2019 Attendants
Part of Diffusion 2019 Attendants

The event will take place at the Factory Berlin.

Hype.Codes team is happy to report that our journalist is going to the Diffusion 2019 too! Anton will provide you, our dear readers, with the freshest news and announces straight from the Factory.

Also, check out the latest conference's partnership with ETHBerlin.

And now the most interesting thing. You will be able to to take part in a hackathon for free!

Apply for free place at Hackaton now!

Not a coder, but still want to attend an event? 

Get your ticket here!