Friday, 20 Apr 2018
Business

Mastercard sees Blockchain as a means to combat identity theft

Identity theft is one of the biggest problems that credit card companies must face, but a company is taking measures to deal with it and implies the use of Blockchain.
Mastercard He has applied for a patent through the United States Patent and Trademark Office to allow him to create a private Blockchain system to combat the problem.
Here, we will see some of the details of the patent application.
In the application, it is stated: “The present description refers to storage and verification data and identity and credentials, specifically the use of distributed storage and storage through blockchain for the protection of identity and credential data and their verification.”
Mastercard originally filed the patent in October 2016. The application was published on April 12.
Mastercard seeks to create a semi-private or private Blockchain system that helps you fight identity fraud by helping you block the use of false identity information. The system will essentially receive and store identity data.
This information would include information such as names, addresses and tax identification numbers.
Mastercard Blockchain
In the patent, Mastercard describes how its Blockchain system would work in a semi-private or private way.
Only certain nodes could send data, which would prevent the addition of data that could compromise the accuracy of the stored data.
Each node would require each entity to provide a public key and a geographic jurisdiction to generate a data file, according to the patent application.
In the application, it is also stated that the data file of the subordinate entity would include a digital signature associated with a higher entity that generates an identity value for each entity.
“… where the key is the associated identity value, the value comprises the associated attributes, and the key-value pair is stored in a physical data storage device located in a geographic area corresponding to the associated geographical jurisdiction”.
This patent application is one of the 30 reported or more filed MasterCard where you want to use Blockchain and crypts to help in their operations.
The fact that he is looking to use Blockchain to combat identity theft is definitely fine with industry watchers.
Some of the most recent statistics were observed in a 2017 Identity Fraud Study by Javelin Strategy & Research. He discovered that scammers had successfully targeted a record 15.4 million Americans in 2016, which represented a 16% jump since 2015.

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