Mastercard is planning to use blockchain technology to improve identity management and combat identity fraud. In the patent filing submitted by the ‘payments giant’ describes a system which would be used to receive and store identity data using a semi-private or private blockchain. The company had initially filed the patent in September 2017.
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 accurate verification thereof and also prevent the fabrication of such data.”
The patent application details ways the distributed storage of identity data on the blockchain system would eliminate potential attacks because data files would be associated with a public key and a geographical jurisdiction. At least one of the plural entities, Mastercard states, would be marked as being a “subordinate,” assigned by a digital signature of a “superior.”
The credit card company’s blockchain patent isn’t its only boost into the industry. Late last year, Mastercard revealed its intentions to open up access to its blockchain technology through an API published on Mastercard Developers. The aim of the company’s blockchain solution is to provide new ways for its customers, businesses and banks to make transactions.
The company also revealed its plans to hire more blockchain developers–175 in total–to work in its Ireland Mastercard office. The new hires will include roles in software engineering, blockchain specialists, data scientists, project managers, analysts, product designers, cloud infrastructure specialists and information security analysts.