- Mastercard wants to patent a way to quickly add new nodes to a blockchain network.
- Mastercard would use this concept to improve the speed at which the nodes, which store a copy of that network’s transaction history, can be updated.
According to new filings, Mastercard, the well-known payments giant is seeking application to patent a way to quickly add new nodes to a blockchain network. Mastercard, in a patent application published last Thursday by the US Patent and Trademark Office, outlined a way by which nodes can connect with and verify the contents of a particular blockchain. Mastercard would use this concept to improve the speed at which the nodes, which store a copy of that network’s transaction history, can be updated.
The patent application, which was first filed back in Oct. 2016, stated that “a blockchain may store thousands, millions, or even billions of transaction records over time in a vast number of different blocks.”
Aside from revealing the blockchain’s immutable nature, this concept also shows that blockchain can “contain thousands, millions, or billions of blocks, each of which must be verified by the new node prior to the generation and addition of new blocks to the blockchain.”
Mastercard added that:
“The verification of such a large number of blocks may take a significant amount of time, during which new blocks may be added to the blockchain, further delaying the ability for the new node to participate … Thus, there is a need for a technical solution to increase the speed at which a blockchain may be navigated for verification thereof, which can thereby reduce the time required for a new node to begin participating in the blockchain.”
To achieve this, the proposed system would include a supposed “fast track flags” which is included in the block headers. According to Mastercard, Nodes would utilize those flags to scan over the blockchain’s contents faster.
The patent filing also considers using a specially configured blockchain, which would act as the software counterpart to the nodes and help in enabling additional efficiencies.