Mastercard Wants to Reduce the Time for a New Node to Be Active on The Blockchain

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Mastercard wants to reduce the time for a new node to be active on the blockchain with a fast navigation system, reported Coindesk on April 30.

The main goal of the payment giant’s project is to enhance the speed for a new node to be participating on the blockchain, since “a blockchain may store thousands, millions, or even billions of transaction records over time in a vast number of different blocks,” as mentioned in a patent application¬†published Thursday by the U.S. Patent and Trademark Office.

With the huge amount of transaction recorded on the blockchain, it can be problematic for a new node to be quickly part of the system because “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.”

The filing says,

“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.”

Earlier in April, Mastercard announced that it was hiring more blockchain specialists and that it was planning to use blockchain for identity protection.

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