Mastercard Will Use Blockchain For Identity Protection

MasterCard will utilise blockchain for identity protection according to the new patent filing published on April 12, reported Coindesk.

Last week, in a patent application released by the U.S. Patent and Trademark Office (USPTO), MasterCard explains that blockchain will receive and store identity data. The firm system will keep associated attributes of a user such as its “name, street address and tax identification number”.

Each identity would be connected to a public key and the subordinate’s entity data file including a digital signature connected with a superior entity; generating a uniqueness value for each character by hashing and storing the associated data file.” The payment giant clarifies that the blockchain technology will get rid of fake identities in its system.