MasterCard Blockchain: Payment Solutions and Fake IDs

MasterCard blockchain

MasterCard blockchain: MasterCard is looking into blockchain technology on several fronts. Most recently, the focus has turned to garnering more efficient payment solutions and dealing with the issue of fake IDs.

MasterCard Blockchain: Payment Solutions

MasterCard has dabbled in blockchain for a while now. Back in October 2017, MasterCard offered the ability to send money via the blockchain. Stemming from that, in November 2017, MasterCard filed for a patent based on a blockchain-backed money transfer solution that would offer instant payments.

Now, MasterCard is taking the next step towards coming up with a more efficient payment solution. MasterCard is reportedly looking to hire people with expertise in blockchain technology. As many as 175 people will be joining the MasterCard team at the Dublin-based MasterCard Lab. The aim of the new hires is to work on a more efficient payment solution. They will also be working on creating a blockchain-based solar power solution to help people without access to electricity.

“We’re driving projects that promote financial inclusion at home and abroad, and are working to provide consumers, businesses, and governments with the most innovative, safe and secure ways to pay,” stated Sonya Geelon, manager at MasterCard Lab.

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MasterCard Blockchain: Combatting Fake IDs

Coming up with an efficient payment solution is not all that MasterCard is looking to do with blockchain. The credit card company is also looking to use blockchain as a way of identification verification to crack down on fake IDs. MasterCard filed a U.S. patent for a “method and system for identity and credential protection and verification via blockchain.”

MasterCard states that traditional ways of proving identity can be inaccurate and even completely falsified. Therefore, a method needs to be devised to “provide for the immutable storage of identity and credential data.” MasterCard says that blockchain is the answer.

MasterCard’s patent proposes a semi-private blockchain solution to combatting fake IDs. It is looking to “maintain a continuously growing list of data records hardened against tampering and revision.” The proposed system does this by timestamping each block and generating an identity value for each addition.

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Featured image: TheDigitalWay via Pixabay

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