Credit card giant Mastercard has been awarded a patent governing a blockchain enabled platform that could process multiple transactions and different types of currencies at the same time.
The US issued patent titled ‘Method and System for Partitioned Blockchains and Enhanced Privacy for Permissioned Blockchains’ was awarded earlier this week.
The multinational financial services company is aiming to develop a system that could generate blockchains for a partitioned blockchain, which has the capacity to transact and support multiple currencies, including cryptocurrencies, in real time.
To do this Mastercard will first need to overcome the issue of needing to interact with multiple blockchains at once, and hopes to do so with a solution it has coined ‘subnets’.
By using a partitioned blockchain, Mastercard outlines in the patent document that it can include transactions records for three different ‘subnets’, where the transaction records associated with each subnet may be formatted differently, from various devices – removing the need to conform to a standardised data format or size.
This week’s patent follows a series of blockchain-related patents Mastercard has filed in recent years, including using blockchain to combat identity theft.