Partitioning a blockchain to store multiple transaction types
Yesterday I read an interesting article on this topic. Looks like Mastercard has patented the technology to partition a blockchain to make it hold transactions of different types. This really fascinated me. In any blockchain, the transactions that sit in a block are usually of the same type to store the same type of transaction and the same type of data. But from this recent innovation, it looks like it is going to be possible where different cryptocurrencies can be used in a single blockchain. This can be really comfortable for banking transactions and transactions that involve different cryptocurrencies and fiat currencies. Especially this can be a great breakthrough for exchanges to store different cryptocurrency transactions in a single blockchain and keep a track of it.
A partitioned blockchain
As it takes lots of resources and CPU power to achieve the concept of serving multiple cryptocurrencies, MasterCard is looking forward to having an alternative solution and that is when they end up with a partitioned blockchain. When I first read this, it sounds very interesting where a blockchain will be partitioned to be able to support multiple cryptocurrencies. The proposal provides various information about how MasterCard is looking forward to partitioning a blockchain and use it for different subnets. In a layman's perspective, I would compare this with a Hard disk partitioning. Though the concept is not that simple, however, we will be able to store and retrieve different types of information from each hard disk partitions. And at the same time, one partition need not be completely dependent on another partition for doing transactions. Likewise, we will also be able to do formatting separately for a particular partition of a hard disc and only the storage blocks allocated for the selected partition will be formatted.
Partitioned blockchains can act as a great solution for various requirements especially when transacting with multiple cryptocurrencies and even when there is a collaboration between cryptocurrencies and fiat currencies. The formats of different subnets in the partitioned blockchain will be different from each other and the transfers and transactions of different subnets can be easily tracked inside the same blockchain. Well, this is just a high-level explanation but there are definitely lots of technical aspects behind this.
MasterCard exploring a lot in Blockchain technology
Apart from the partitioned blockchain, MasterCard has been really busy working on various blockchain projects. They have been able to figure out a lot in the field of blockchain revolution and soon we will be able to see them practically implemented for our day to day use. There are lots of other blockchain projects in which MasterCard is trying to bring a revolutionary change. Some of the projects in which MasterCard has already filed patent are:
- Speeding up node activation in the blockchain
- Blockchain technology to combat fake identities
- Blockchain technology for instant payments
When many leading companies are just trying to understand blockchain technology, it is quite interesting to note that MasterCard is able to do a deep dive and file patents on various topics related to blockchain technology. The developers are seriously working hard to implement this technology soon as a practical thing. Mastercard also announced options for business to business payments via blockchain in spite of lots of rejections happening in the bitcoin world. If just one company alone can contribute so much to blockchain world, our dream towards decentralization and using blockchain for various real-time requirements is not too far.
Image Source: pixabay.com
Hope you enjoyed reading the article. Please share your views in the comments section.
Posted from my blog with SteemPress : https://bala-blog.com/partitioning-a-blockchain-to-store-multiple-transaction-types/
Exelente informacion.. muchas gracias..!!
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very informative and super interesting! thanks for sharing!
This is very interesting. If MasterCard can make payment by any method available to a variety of blockchains, they could expand payments beyond any place it's ever gone before. This is exciting news.