Mastercard will protect the identity using the blockchain

Global payment operator Mastercard is going to patent the technology of the blockchain for identity protection.

In a statement issued by the Office of patents and trademarks USA (USPTO), Mastercard describes a system in which partially enclosed or private blockchain will be used for receiving and storing identification data such as name, address, taxpayer identification number, etc.

Mastercard argues that the blockchain technology will eliminate the use of fake data into systems.

«Using the blockchain to store identity and credentials can ensure constant storage and accurate verification, and to prevent forgery of such data», – reads the description of the patent application.

The company says that the system will generate a data file for each object that will be associated with the public key and the «geographic jurisdiction» – «slave» objects, while the «higher» the organization will impose a digital signature to your data files.

«Hashing server module processing» subsequently generates the value of the identity for each object and creates an array with a timestamp and write the last block in the blockchain», the application says.

Unlike the public blockchain, the technology of Mastercard will allow certain nodes to send the data, avoiding the «add data that can jeopardize the accuracy of the information stored».

Simply put, the only approved Mastercard nodes will be able to update the identification information in the system. According to the developers, the proposed system could replace other means of proof of identity that can be faked.

«There are times when the subject is difficult to refute a false identity, which leads to problems of a different nature. Thus, there is a need for technical solution to ensure the continued storage of identification and credentials that can prevent these problems,» Mastercard.



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