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Mastercard To Use Blockchain For Identity Protection

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Payment giant MasterCard is set to use blockchain technology for identity protection. It has filed a patent application for the "method and system for identity and credential protection and verification via blockchain."

The patent application no. US20180101684 was filed with the United States Patent and Trademark Office (USPTO) which was published on their website last week.

The blockchain technology powered process envisages distributed storage of identity and credential data in an immutable database which will provide accurate verification and prevent the fabrication of such data.

It will prevent the addition and editing of data that may compromise the accuracy of the data stored therein. Only authorized nodes will be allowed to submit and update the data.

Mastercard recently announced plans to recruit a team of 175 new technology developers to be based in Leopardstown, Ireland. These include blockchain specialists, software engineers, data scientists, cloud infrastructure specialists and information security specialists. All of these new positions form the makings of a Blockchain development team.

Mastercard features among the top ten companies that have the most number of cryptocurrency patents in the world. Mastercard's R&D division, MasterCard Labs, had reportedly filed for more than 30 patents related to blockchain technology and cryptocurrency.

However, Mastercard has not been too upbeat on cryptocurrencies. The company's CEO Ajay Banga had in October labeled cryptocurrencies as junk.

Meanwhile, Mastercard reportedly said recently that it is open to the idea of using national digital currencies issued by central banks which will be less volatile.

Mastercard, along with VISA, has also made it more difficult to buy cryptocurrencies after they started charging additional 5 percent fees for instant purchase of cryptocurrencies using debit or credit cards.

Card companies and banks are worried that their clients may end up in huge debts by buying cryptocurrencies, prices of which are highly volatile, and find it difficult to repay.

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