Mastercard introduces a Patent to “anonymize” Blockchain transactions

Mastercard(NYSE:MA) has filed a patent for a method of anonymizing transactions completed on a blockchain platform, according to an application published by the United States Patent and Trademark Office (USPTO).

The patent cites that “the use of one or more intermediary addresses to obscure the source and destination of funds in a blockchain transaction” can be used in order to “increase anonymity of entities associated with blockchain addresses.” This would lead to a series of “anonymization request[s]” to anonymize the transactions, instead of only the user.

Mastercard also states that “the nature of the blockchain as an immutable ledger is such that every transaction can” – ultimately – “be traced and followed back to the genesis block.”

The company aims to anonymize transactions on a blockchain, rather than just the user behind any individual wallet and stated that:

“The existing communications and attribution structure of blockchain technology such as Bitcoin require identification of where the transactions are emanating and terminating, in order to maintain the ledger. This creates a technical problem of competing interests within the technology.”

Mastercard is not the first company looking to solve the anonymity issue of Blockchain. Zcash(ZEC) and Monero(XMR) are both designed with similar concerns in mind.

Link to the original news article can be found here.

Want to share your thoughts on this?