A patent has been filed on the 12th of April, by MasterCard with the U.S Patent and Trademark Office (USPTO) describing a “method and system for identity and credential protection and verification via blockchain.”
According to MasterCard, the company believes that traditional ways of proving identity can be inaccurate and even completely falsified. Therefore, a new solution needs to “provide for the immutable storage of identity and credential data.”
In the filed patent, the system relates to “the storage and verification and identity and credential data” specifically as it relates to distributed storage and storage through blockchain specifically to protect identity data.
According to the company’s filing, the application was initially submitted in September 2017 and the technology could be used to combat fake user identity dat.
Digging deeper into the patent, MasterCard describes how the system would generate a ‘data file’ which would be instantly associated with a public key and geolocation jurisdiction tag, which would be subordinate while a superior entity would impose the digital signature.
Using the ‘hashing module of the processing server’ each entity will have a generated “identity value” which would then create a block with a record and a timestamp, which subsequently gets added to the blockchain.
Mastercard has also recently announced in its press release, dated the 12th, that the company was looking to fill up-to 175 new staff members, some of them specifically focused on blockchain development, software engineers and data scientist.