Mastercard plans to hire Blockchain Specialists-The payment solution company Mastercard, filed its first patent for instantaneous payments using Blockchain technology back in 2016. Now Mastercard has won its third patent for a Blockchain project. Furthermore,Which plans to build distributed ledger technology into its system for instant payments.
The patent, which is awarded to Mastercard, intends on using Blockchain technology. Which allows merchants to receive instant payments. This can be done instead of waiting for numerous days. while having to support multiple currencies for transactions. It also aims to compete in the Blockchain-based payments marketplace.
Mastercard plans to hire Blockchain Specialists-On 9th October 2018, a new patent was awarded to the credit card giant Mastercard. Which outlines the need to store different type of transactions on one platform. Similarly, company also intends to use multiple types of Blockchains. Which manages different currencies that need to run on multiple Blockchain platforms.
The United States Patent and Trademark Office (USPTO) released Mastercard’s patent entitled: Method and system for partitioned blockchains and enhanced privacy for permissioned blockchains.
“There is a need for a technological solution to provide a partitioned blockchain that is capable of storing multiple transaction formats and types in a single blockchain, reducing the computing resources and processing power required for deployment and operation of the blockchain, while also providing for enhanced usage of permissions for permissioned blockchains,”
-Mastercard said in its patent.
Developments due to the new Patent:
To increase its market in Ireland, U.S.-based global payments company Mastercard has recently announced it will hire 175 new employees in Dublin. Among our various other companies, Mastercard is looking for Blockchain specialists.
Furthermore, to boost its technology and innovation in the field of payments, the company is looking to hire a wide range of professionals. Likewise, software engineers, data scientists, information security experts, and Blockchain specialists.
“Our country has become a very attractive location for international fintech and payment companies” – commented Ireland’s Minister for Business, Enterprise and Innovation, Heather Humphreys, stressing the favorable government policies as one of the causes.
Mastercard’s Blockchain technology:
Mastercard plans to hire Blockchain Specialists-The patent describes Blockchain technology as “storing multiple transactions format”. Blockchain technology enables the storage of all transactions to be of similar size and format. Which restricts utility. Mastercard said this could be achieved by permitting blocks to accept data from a plurality of subnets.
The firm said that partitioning blockchain will enable a single blockchain “to store transaction records for a plurality of different blockchains,”
“ The partitioning of the transaction records in the blockchain may enable limitations on the access to the transaction records. Which is due to the ability for the records to be formatted differently in each partition,”.
Mastercard stated that it has developed a blockchain-enabled system to provide high-volume business-to-business (B2B) transactions. The company also explained that the current nature of B2B transactions needs to be updated to better cater to the evolving business environment.
MasterCard has been one of the leading companies in terms of adopting blockchain technology. It has heavily invested in research and development (R&D) for this technology. However, the company’s interest has been more in blockchain than in cryptocurrencies.
MasterCard CEO Ajay Banga has been a vocal attacker of Bitcoin and other cryptocurrencies, calling them “junk” on several occasions. He stated that the company would still accept any cryptocurrency. Which is mandated or developed by a central bank. He believes government developed cryptocurrencies would be very interesting.