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Title: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: bitzamp.com on May 02, 2018, 11:56:54 AM Mastercard Seeks to Penetrates the Crypto Space By adding New Node To Its Blockchain Network
Mastercard seeks to penetrate the cryptographic space by adding new nodes to its blockchain network. This was revealed in a patent application filed last Thursday with the U.S. Patent and Trademarks Office. According to the information provided on the patent filing, the system aims to find a way to quickly add new nodes to a blockchain network to Read More: https://news.bitzamp.com/mastercard-seeks-to-penetrates-the-crypto-space-by-adding-new-node-to-its-blockchain-network/ (https://news.bitzamp.com/mastercard-seeks-to-penetrates-the-crypto-space-by-adding-new-node-to-its-blockchain-network/) Title: Re: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: hatshepsut93 on May 02, 2018, 01:38:27 PM What's the point of having nodes and blockchain if the whole network is controlled by one entity? Blockchain was created to enable Bitcoin by solving the problem of trust in decentralized environment. But there's no such problem within Mastercard, any problems with their network can be more efficiently solved with centralized databases.
Title: Re: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: 1Referee on May 02, 2018, 02:04:49 PM What's the point of having nodes and blockchain if the whole network is controlled by one entity? Blockchain was created to enable Bitcoin by solving the problem of trust in decentralized environment. But there's no such problem within Mastercard, any problems with their network can be more efficiently solved with centralized databases. Adding more nodes to your network (especially if they are hosted in different states and countries), regardless of how centralized it is, strengthens your network and makes it less exposed to attacks on one part of your network. It's actually very simple, the more well distributed nodes you have online, the less subject you are to failure and potential malicious attacks. In other words, they in their own way are decentralizing their data and operations. I know it may sound weird to people, but that's what's happening, and it's actually a smart move. Title: Re: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: Jpja on May 02, 2018, 04:13:07 PM Very interesting news! I am glad that Mastercard is ahead of Visa in implementation of blockchain technologies. It would be great if they released a card combined with bitcoin or any other cryptocurrencies.
Title: Re: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: btcton on May 02, 2018, 08:14:32 PM What's the point of having nodes and blockchain if the whole network is controlled by one entity? Blockchain was created to enable Bitcoin by solving the problem of trust in decentralized environment. But there's no such problem within Mastercard, any problems with their network can be more efficiently solved with centralized databases. Adding more nodes to your network (especially if they are hosted in different states and countries), regardless of how centralized it is, strengthens your network and makes it less exposed to attacks on one part of your network. It's actually very simple, the more well distributed nodes you have online, the less subject you are to failure and potential malicious attacks. In other words, they in their own way are decentralizing their data and operations. I know it may sound weird to people, but that's what's happening, and it's actually a smart move. Right, all of this is quite true. The notion of what a blockchain involves seems quite skewed in crypto communities. On top of what 1Referee said above, the blockchain technology also has the benefit of validating all of the inputs and outputs of transactions just because of its nature: a corrupt "chain" would not hold the blockchain together. You cannot make illegal transactions happen, just as with Bitcoin. Furthermore, the blockchain technology was here since far before Bitcoin was, albeit is still relatively recent. Companies have been using it for quite a while, especially logistics, freight, and shipping companies. The workings in that industry aren't much different either: the inputs need to match the outputs or the transaction (such as a shipping transaction) is not valid. Title: Re: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: hatshepsut93 on May 03, 2018, 05:01:20 AM What's the point of having nodes and blockchain if the whole network is controlled by one entity? Blockchain was created to enable Bitcoin by solving the problem of trust in decentralized environment. But there's no such problem within Mastercard, any problems with their network can be more efficiently solved with centralized databases. Adding more nodes to your network (especially if they are hosted in different states and countries), regardless of how centralized it is, strengthens your network and makes it less exposed to attacks on one part of your network. It's actually very simple, the more well distributed nodes you have online, the less subject you are to failure and potential malicious attacks. In other words, they in their own way are decentralizing their data and operations. I know it may sound weird to people, but that's what's happening, and it's actually a smart move. But it only increases security in traditional sense, not in blockchain sense. Imagine if a Bitcoin user decided to start running 1000 full nodes - this would have very littely effect on his security or security of the network, since all nodes are equal and do exactly the same task. What important is the number of independent nodes controlled by different entities, especially if those entities are active users (which includes services, hodlers and just people who use it as a currency). Blockchain is important because of its game-theoretic properties, I don't think it's that great as a single-user database. Title: Re: [02-05-2018] Mastercard adds New Nodes To its Blockchain Network Post by: 1Referee on May 03, 2018, 07:45:56 PM What important is the number of independent nodes controlled by different entities, especially if those entities are active users (which includes services, hodlers and just people who use it as a currency). That goes up for blockchains aiming to be decentralized. In this case it's just MasterCard hosting nodes in different states/countries to maintain and solidify its centralized blockchain network. Blockchain is important because of its game-theoretic properties, I don't think it's that great as a single-user database. Your view on blockchains is way too general. It's not that every blockchain by default is the same as the other, even though they from the core have the same foundation. If you want, you can shape a blockchain into any form that suits your needs, and that's exactly what governments and financial institutions are researching and developing. Ethereum as foundation is a great example of what potential centralized incentives could look like for financial institutions, and potentially even governments. |