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Mastercard Scrutinizes Blockchain To Fight False Identities

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Mastercard, which is considered as a payments giant has filed a patent, suggesting that it sees blockchain as a mean to protect the identity data. The U.S. Patent and Trademark Office (USPTO) released an application on last Thursday, that Mastercard has defined a system in the application, in which a semi-private/private blockchain would be used to collect and store identity information, including; name, tax identification number, and street address.

blockchain based database

The Mastercard company has stated in the filing, that the technology could help it to block the use of false identity data inside its systems, as it initially succumbed back in September 2017 and it seems like the Mastercard and blockchain get along with each other quite well.

Mastercard Company Statement

According to Mastercard:

“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 network proposed by Mastercard would just permit specific nodes to submit data. These authorized-nodes would work to avert the data addition that may negotiate the precision of the data stored within. The filing also elucidates that data files for all entities will be generated by the system respectively, which would be linked to a public key as well as geographic authority. The entities would be subsidiary, whereas a superior entity would carry out a digital sign on their data files.

Mastercard Approved Nodes:

Only nodes approved by Mastercard can update the identity information inside the system and according to Mastercard, the projected system could perhaps substitute other ways of demonstrating the identity that might be vulnerable to forgery and imprecisions.

The company also said:

“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.”

 

Until now, Mastercard has submitted numerous patent applications related to the blockchain. One filing proposed an infrastructure that could enable refund services for the users of cryptocurrency. Another filing explained a blockchain based database that could promptly process payments, notably dropping the transaction settlement times. Also, the payments tech company announced that it was going to hire 175 new technology developers, as well as blockchain specialists.

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Will Bitcoin Become World’s ‘Single Currency’?

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Due to a number of reasons cryptocurrencies are becoming intensely popular form of internet money. The main reason for that can be no other than the fact that unlike conventional currency cryptocurrencies are safe, anonymous and completely decentralized. Moreover, their flow totally depends upon the market demand. Due to the Blockchain technology and the so much complicated code system, it is also impossible to counterfeit them.

bitcoin single currency

Views of Twitter CEO about the Future of Bitcoin

In an interview with The Times, Jack Dorsey, the CEO Twitter presented his views that there are chances that Bitcoin will become world’s single currency in the future. When asked for the time frame, Dorsey said that it may take further ten years. He further exclaimed that no matter how much time may take, but a day will come when the world will ultimately have a single currency, and the name of that currency will probably be Bitcoin according to him.

Role of ‘Square’ in Promoting Bitcoin

Jack Dorsey is also the CEO of world famous payment service Square, with this regard he has a keen eye for online transactions and the internet money flowing from one place to another. Jack Dorsey is personally very much interested in the rise of Bitcoin. According to one of his previous statements, his company Square will try its best to focus on options to interact with Bitcoin via their Cash App. Jack Dorsey believes that it will become a “transformation technology” for the internet technology.

Level of Jack Dorsey’s Trust in Bitcoin

Being a personal investor of Bitcoin, Dorsey believes that time will soon come when cryptocurrency especially fractions of Bitcoin would be used for buying simple things like coffee and other everyday purchase. Not only Bitcoin, Dorsey has also invested in ‘’Lightning Labs’’, which is working hard day and night to make the use of bitcoin much more faster and easier. Last week, Lightning Labs, released its first Bitcoin ready LN implementation. Due to this implementation free and frequent Bitcoin transaction has come closer to reality.

When asked about the scaling issues faced by Bitcoin right now, making it “slow and costly,” Dorsey answered that though it is a fact right now but with the passage of time new solutions will resolve that problem too. He further explained that when more and more people would have an easy access to Bitcoin, things would start to improve gradually.

The acceptance of Bitcoin by companies like Square, has probably led to future investment opportunities in it, further fueling its journey to become a single currency worldwide.

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The cryptocurrency market is growing

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Today, Bitcoin is number one in the cryptocurrencies’ race. But, the recent data shows that crypto market’s share may drop significantly coming year.

There is rising consensus:

More than 900 cryptocurrencies inventions, introduce the transparent and crystal-clear payments process. Few had the work on cryptocurrency border market and on its evolving, special thanks to Abeer ElBahrawy who explores that crypto-market is getting more complex and mature. This market’s growth also bears a notable similarity to an evolution of networks in different areas. By providing insight into digital market’s way, might have changed in future.

Big challenge:

The most important challenge of the cryptocurrencies is to avoid illegal copying. For that purpose, digital currency uses two mechanisms to avoid.

Public record:

The system put out each transaction in the public record. And, store the copies of these transactions online. This allows its users to compare updated accordingly. These prevent the double spending.

Protection of the ledger:

In the second mechanism, the ledger is protected cryptographically. Each update gathers the new coming transactions and adds to the existing ledger. Accordingly, the earlier ledger is frozen and encrypted.

Block:  

This ledger new version creates the block, which holds the copies of the earlier ledger. You have the option to copy the encrypted data to generate a number that has the ability to check the reliability of the block. But its hard to generate that number. This feature makes the system more secure by providing an easy check of the blocks but tremendously tough to copy.

Crypto-analyses:

ElBahrawy do an analysis of the 1500 digital currencies appeared in 2013 and now more than 600 are alive. According to him, the digital market is going in the phase of exponential growth. In addition, its current cost is $54billion out of $60 trillion, the total amount of money of the world.

Distribution power law:

While, when the crypto market is rising speedily. ElBahrawy and his team show the stable aspect of it. Like, if all the digital currencies are alive same as in 2013 as has the market share distribution. This distribution has the ability to reproduce the standard model of evolution. It is a process where currencies’ rates are figured out and die away.

In addition, This law is occurring in almost all the sectors like the same law has to describe the religion in the world, languages of different areas, birth rate and death rate as well. ElBahrawy says, “The fit with the data shows that there is no detectable population-level consensus on what is the ‘best’ currency or that different currency are advantageous for different uses.”

Except for this external significant manipulation of this market, there will be noteworthy multiplicity in crypto-market for foreseeable future.

 

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