Home / Bitcoin News / Mastercard Now Applying for a Patent for Anonymous Transactions on a Blockchain

Mastercard Now Applying for a Patent for Anonymous Transactions on a Blockchain

Mastercard, the organization who have experienced the whole procedure of laughing, fighting, and then embracing Bitcoin (and then assaulting it once more), have connected for another new patent in the blockchain space. Their last one was with respect to — we’re not imagining this — a fragmentary hold crypto bank.

They portray a novel technique for anonymizing exchanges which does not, in capacity, speak to those set up by Monero or other security coins.

For the individuals who don’t know, coin blending (likewise called tumbling) is the way toward taking various contributions, from senders, tumbling them together like a clothes washer, and pushing out new exchanges from the beneficiary location – in this manner jumbling the first wellspring of the assets.

It’s vague what Mastercard means to do with this patent. A controlled budgetary organization, they’ll surely not dispatch any items or organizations dependent on the model without administrative endorsement, implying that on the off chance that they did such, there’d be what adds up to managed, legitimate Bitcoin tumblers. On account of Mastercard-starting exchanges, however, at any rate the sender’s data would need to be held for KYC and AML laws to be regarded.

The author hasn’t seen a tumblr that does the following though, where more than one wallet will be used to actually send the funds and the amounts will be changed.

In some embodiments, the processing server may utilize multiple blockchain wallets to further increase anonymity. In such embodiments, the processing server may possess a plurality of different cryptographic key pairs. […]

In some embodiments, the processing server may also anonymize transactions via the obscuring of transfer amounts. In such embodiments, the processing server may break up the second transaction (e.g., the transfer to the recipient’s blockchain wallet) into multiple transactions, where the total amounts from each of the transactions equals the specific amount being transferred to the recipient by the sender. In some cases, each of the transactions may transfer an equal amount of currency (e.g., a total transfer of 36 units of currency may be accomplished in three transactions of 12 units of currency).

It describes the Mastercard method is described as follows;

The blockchain node may receive the request and may process the transaction to transfer the specific amount from the processing server’s blockchain wallet to that of the recipient device. In some embodiments, the processing server may notify the sender device and/or the recipient device of the transfer, which may also include the providing of a transaction record identifier for the second transaction.

  1. As a result, the sender may transfer a specific amount of digital currency to the recipient with increased anonymity, as the blockchain may reflect only that the sender sent currency to the processing server and that the recipient received currency from the processing server. When using the processing server across multiple transactions, and with multiple entities using the processing server, the true source or destination for any transaction is obscured to the point of being impossible to identify. If used for each transaction, a nefarious actor looking at the transactions for the sender 104 will only see transfers to and from the processing server, thus revealing no information about the sender’s spending habits, thus protecting the sender’s anonymity.

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