One of the largest banking card providers has filed a patent for a new method of anonymizing transactions using blockchain technology. The application was published by U.S. Patent and Trademark Office.

That isn’t the first time when MasterCard files for a patent based on blockchain. In April, the company found a solution to speed up blockchain node activation.

To be anonymous

According to the statement, the company filed an application on December 6. The patent is called a “Method and system for anonymization of electronic transactions via blockchain”. In the release, the office states that the method includes:

“Storing a key pair comprising a private key and public key; receive an anonymization request from a computing device, the request including a destination address and transaction amount; transmitting an intermediate address based on the public key to the computing device.”

In the industry, MasterCard is the only company trying to resolve the limitations of anonymity using blockchain systems.

The filing suggests that “the existing communications and attribution structure of blockchain technology such as Bitcoin require identification” in order to maintain the ledger. That, according to the statement, creates a technical problem of competing interests inside the technology.

Image by Sharaf Maksumov / shutterstock.com

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