Mastercard Patents Blockchain Supply Chain Solution: Ensuring Product Traceability and Data Privacy

Mastercard Patents Blockchain Supply Chain Solution: Ensuring Product Traceability and Data PrivacyFinancial News, December 18, 2024 According to the State Intellectual Property Office of China, Mastercard International Inc. filed a patent in May 2020 for a "Method and system for a universal origin solution for blockchain supply chain applications" (publication number CN119128936A)

Mastercard Patents Blockchain Supply Chain Solution: Ensuring Product Traceability and Data Privacy

Financial News, December 18, 2024 According to the State Intellectual Property Office of China, Mastercard International Inc. filed a patent in May 2020 for a "Method and system for a universal origin solution for blockchain supply chain applications" (publication number CN119128936A). This patent aims to leverage blockchain technology to provide a secure and reliable supply chain management solution that also protects privacy.

The patent abstract details the core methods and systems of the solution. Its central objective is to build a system for tracing product origins, ensuring the encrypted accuracy of information while effectively protecting the identities of participants and maintaining complete anonymity for both products and participants. This is significant in addressing the long-standing transparency and trust issues within supply chains.

The patented method involves several steps: First, the system receives a unique product identifier, which can be any code or marker uniquely identifying the product. Next, the system uses a hashing algorithm to process the product identifier, generating a digital token. This digital token serves as the product's digital identity throughout the tracking process.

Subsequently, the system combines a series of event identifiers with the generated digital token, again applying a hashing algorithm to generate an entry value. Each event identifier represents a specific stage in the product's supply chain, such as manufacturing, transportation, and warehousing. By associating these event identifiers with the digital token, the system can comprehensively record the product's entire lifecycle.

To ensure data integrity and authenticity, the system employs a digital signature mechanism based on cryptographic key pairs. The system uses the private key from the key pair to digitally sign a data packet containing the blockchain address, event identifiers, and digital token, generating a digital signature. This digital signature acts as an unforgeable seal, ensuring data immutability.

Finally, the system transmits the blockchain address, digital signature, and entry value to nodes in the blockchain network. The decentralized and immutable nature of blockchain technology guarantees the security and trustworthiness of this data. Once information is recorded on the blockchain, any subsequent modification is immediately identifiable.

This patented technology cleverly combines blockchain and cryptographic technologies to achieve a secure and reliable product traceability solution. Using hashing algorithms to generate digital tokens and entry values effectively prevents data tampering. The digital signature mechanism based on cryptographic key pairs further enhances data security.

Importantly, the patent emphasizes the protection of participant identity information. While the system can comprehensively track the origin and flow of products, it simultaneously ensures complete anonymity for both products and participants. This is highly attractive to businesses seeking to protect trade secrets or personal privacy.

This patented technology is not only applicable to supply chain management but can also be extended to other areas requiring high transparency and security, such as pharmaceutical tracking and food safety monitoring. Leveraging the immutability and decentralization of blockchain technology, as well as the security of cryptography, this technology is poised to become a crucial technological underpinning for future supply chain management.

The successful patent application reflects Mastercard's continued investment and innovation in blockchain technology. As a global leader in payments, Mastercard's application of blockchain to supply chain management demonstrates its keen awareness of technological innovation and its accurate grasp of future trends. This not only benefits its own competitiveness but also provides new ideas and directions for the entire industry's development.

Mastercard's patent offers a novel solution to the long-standing trust and transparency issues in supply chains. By providing a complete record and effective protection of product origin information, this technology is expected to drive the evolution of supply chain management towards greater security, efficiency, and transparency.

The successful patent application also signifies the increasing maturity of blockchain technology in supply chain management. It is anticipated that more and more businesses will utilize blockchain technology in their supply chain management to improve efficiency, reduce risks, and ultimately enhance customer trust. Mastercard's move sets a positive example for industry development and opens up new possibilities for the transformation of future supply chain management models.