by Card Havens
Posted on December 20, 2018 07:20:36 PM
Blockchain, the most recent Fintech trend, is making its presence felt in all domains of finance. MasterCard’s patent for Multi-Blockchain is the latest proof of it. The rise of card havens (Heavens/platforms) where people can sell gift cards for cash instantly also proves it. It is mainly because it helps to record every single thing related to the transactions carried out. Taking this into consideration, MasterCard, one of the largest American financial service providers, filed a patent for Multi-Blockchain.
This patent filed by MasterCard was to get method to partition a Blockchain. This patent has been granted on October 9th, 2018. Meaning, MasterCard is now permitted to store multiple-transaction types and formats. If you plan on selling gift cards for cash instantly, this is something you need to understand. USPTO (the United States Patent and Trademark Office) has revealed the details of this new method of recording transactions.
MasterCard has filed multiple such patents before this one. Meaning, this isn’t the only patent filed by the American financial service provider. This patent by MasterCard Could be a new step in the patent race for Multi-Blockchain for many reasons.
All Blockchains store/record transactions in their own way. Therefore, if your gift card trading haven (gift card trading platform) for cash wants to utilize Blockchain technology to be able to record transactions and store relevant data, multiple Blockchains are required. This will be time-consuming and a highly expensive process. A massive amount of computing power and many resources will be required for this. It is because transaction records should necessarily be of the same format, types etc.
Another reason is varying degrees of permissions or open access to Blockchains. In simple words, there are some Non- permissioned Blockchains. These Blockchains allow anyone to check records and be their part. Moving further, there are some permissioned Blockchains. Such Blockchains ask for special permissions to let anyone read, access and write information on them. Such permissioned Blockchains are crucial for organizations where you can sell gift cards for cash instantly. It is because more serious about role definition and also to protect your identity and account security etc.
Another reason is the inflexibility of Blockchains claimed by MasterCard in its new patent. This inflexibility is in-terms of permission on Blockchains that require special permissions to let anyone read, access and write information on them.
Most importantly, MasterCard’s new system (Multi-Blockchain System) is expected to take Blockchain’s utility to a whole new level. It could be possible if blocks are allowed to receive data from a plurality of subnet (Proposed partitions).
In case you plan on selling gift cards for cash instantly, this is something we thought could be useful for you. This is a developing story that many people don’t know much about. Therefore, you are advised to keep coming back to our website on a regular basis as we will keep you updated in this regard. This is only the first part of the story. This is another reason why you should come back to our site to know the whole story. We are soon coming up with its next part for you. Stay tuned!