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Mastercard is looking into anonymous crypto-transactions

A new patent application hints at the payment giant’s blockchain ambitions.

Mastercard is looking into anonymous crypto-transactions
[Photo: Moose Photos/Unsplash]
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A new patent spotted by Coindesk shows Mastercard dipping its toe into cryptocurrency. The proposed program relates to blockchain transactions, and would allow “both the point of origin and the amount being transacted” to be anonymous, writes the website.

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Though many people believe blockchain to be an anonymized system, the architecture makes it possible to quite easily match transactions with individual crypto-wallets. This patent attempts to better obfuscate the transactions, providing another layer of privacy. “[T]here is a need for a technical solution to increase the anonymization of a wallet and the user associated therewith in a blockchain,” the application says, according to Coindesk. 

Mastercard has filed for previous patents too that dabbled in the blockchain and cryptocurrencies. One from earlier this year attempted to create a program that linked crypto-based assets with fiat currencies.

This anonymization program is just one patent so it’s unclear how far Mastercard will go with it. But as the price of bitcoin continues to slump, it seems that some heavy-hitters still see promise with the underlying technology.

About the author

Cale is a Brooklyn-based reporter. He writes about many things.

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