Mastercard files blockchain patent for fighting fake identities

The patent describes a system in which a semi-private or private blockchain would be used to receive and store identity data, according to the official application released by the US Patent and Trademark Office (USPTO).

The filing explains that the system would generate a “data file” for each entity, which would be associated with a public key and a location, CoinDesk has cited from the application. These entities would be “subordinate,” while a “superior” entity would impose a digital signature on their data files. A “hashing module of the processing server” would subsequently generate an “identity value” for each entity and create a block with a timestamp and a record of the most recent block added to the blockchain, the online publication continues.

Moreover, Mastercard’s proposed network would only allow certain nodes to submit data. These authorized nodes are the only ones that can update the identity information within the system. And according to the card scheme, the proposed system could possibly replace other means of proving identity that may be susceptible to fabrication and inaccuracies.