Accenture has announced its collaboration with Mastercard, Amazon Web Services, Everledger and Mercy Corps to introduce a ‘circular supply chain’ focusing on creation of a blockchain-based transparent supply chain platform. The platform will use digital identity management and blockchain technology to enable consumers know the complete supply chain journey of products, from start to finish.
MasterCard has announced the filing a patent application to anonymize electronic transactions via blockchain. The patent explains how the system would mask the origin and funds’ amount when a transaction occurs. However, the firm has not yet stated if the system will be used for crypto transactions or fiat money. As per sources, the system looks vulnerable as cybercriminals can use it for laundering cryptocurrencies.
As per a report published by the U.S. Patent and Trademark Office on Tuesday, Mastercard has filed for a patent for developing a special category of blockchains. Unlike the present ones, the new ones could host blocks of different size. They will be capable of handling more than one type of data at the same time – even currencies.
MasterCard filed three patent applications expressing its desire to use blockchain technology to track consumer payments and process B2B transactions. According to the filings under US Patent & Trademark Office (USPTO), MasterCard stated that a distributed ledger could come at a great help in recording and processing “point-to-point transactions”.