American multinational financial services corporation MasterCard has filed a patent application for what they say “(A) METHOD AND SYSTEM FOR FAST TRACKING NAVIGATION OF BLOCKCHAINS VIA DATA MANIPULATION.” Filed on the 24th of October 2016, the application is for a new method of speeding up the verification of blockchain data by adding fast track flags to the block headers.
The applicants claim that the new method “may greatly reduce the computing time and power required to verify the blockchain. As a result, navigation and verification of the blockchain may be more efficient, which may increase the ability for new nodes to participate in the blockchain, and for users and nodes to review the blockchain to identify specific transaction records.”
In the background to the new patent application the applicants have mentioned that:
“One of the benefits of the blockchain is it can serve as an immutable ledger that stores a record for every transaction ever conducted via that blockchain. As such, a blockchain may store thousands, millions, or even billions of transaction records over time in a vast number of different blocks. However, this may cause a difficulty for any new node that wants to participate in the blockchain. In such instances, a blockchain may 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.”
On the 12th of April The United States Patent and Trademark Office published another patent application submitted by MasterCard for a Method for Identity and Credential Protection.
In March MasterCard said that they are open to the cryptocurrency market and would support government accepted currencies issued by central banks. Despite many countries fighting against cryptocurrencies, the financial sector seems to be preparing to accept it, and to lead it too.