Revolutionizing Identity Verification
Mastercard has taken a bold step into the future by filing a patent for an innovative Blockchain system dedicated to storing and verifying identity data. Published on April 12 by the U.S. Patent and Trademark Office, this application aims to tackle the age-old problem of proving one’s identity. According to Mastercard, the current methods of validation—think old-fashioned government IDs and your run-of-the-mill business cards—are often inaccurate and, at worst, downright fake. Never thought you’d hear ‘fake IDs’ in the same context as a billion-dollar financial powerhouse, right?
The Need for Change
Identity theft and fraud are on the rise, causing headaches not just for consumers, but also for corporations. Mastercard’s patent explicitly states the industry’s need for a robust technical solution that enables the immutable storage of identity and credential data. In other words, it’s time to put our IDs on a diet—let’s trim the fat and bulge out the fraud!
How the Blockchain Works
The proposed solution is a semi-private Blockchain system where only authorized nodes can submit and update data. This way, Mastercard aims to keep the riffraff out of sensitive information. Imagine a club where you need a secret handshake (or digital key) to get in; only approved entities will have the green light to dance the night away with your identity data.
Getting Set Up
- Public Key and Geographic Jurisdiction: Each approved entity must provide these as a minimum requirement to generate a data file.
- Digital Signatures:
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