Mastercard to Utilize Blockchain Technology in Securing Customer IdentityApr 16, 2018 at 9:47
According to a patent filed by financial services firm, Mastercard, the company is planning to utilize blockchain technology in securing identity data of its customers.
In an application released by the U.S. Patent and Trademark Office, the payments giant described the system to be developed as a semi-private or private blockchain to receive and store identity data which may include crucial details such as name, street address and tax identification number.
Mastercard claimed that the integration of blockchain technology in its system will ultimately block the use of fake identity data.
“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,” the company stated in the filing.
The document also mentioned that the system would generate a data file for each entity that would be associated with a public key and a geographic jurisdiction. The entities would then become a subordinate, while a superior entity would impose a digital signature on their data files.
However, Mastercard’s proposed network would only allow certain nodes to submit data in order to prevent the addition of data that may compromise the accuracy of the stored information.
“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,” the company added in the filing.
It can be recalled that Mastercard has several other blockchain-related patent applications which aims to facilitate refund services for cryptocurrency users and another that is expected to instantly process payments to lessen transaction settlement times.
In order to achieve its intended, blockhain related improvements, the company is expected to hire 175 new technology developers to work out of an office in Ireland.