Isn’t it a great news that world’s leading credit card company, Mastercard has grabbed the US patent to allow for fastest crypto transactions in the coming days.
According to report published on Tuesday, 17th July, 2018 by US Patent and Trademark Office (USPTO) explains that there has been increase in use of blockchain cryptocurrencies by consumers who value ‘anonymity and security’.
It said that, the latest patent is to protect a method that would allow, ‘fractional reserves of blockchain currency’.
However, the report also suggested it is in need to improve the storage and processing capability of such transactions.
The document further noted that;
“It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed … Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds. Therefore, entities, particularly merchants, retailers, service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions”.
Fastest Bitcoin Transaction
Currently, users of MasterCard will pay using local fiat currency of their native countries. Therefore, the latest patent will definitely helps in changing all of this. Seemingly, both merchants and crypto users concerns over time consuming transactions. Due to the anonymous nature of crypto could also be disadvantage for those who accept payments in crypto.
Seth Eisen, the senior vice president for communication at MasterCard said;
“While blockchain currencies can often provide such safety and security for the payer’s information, such security may be limited for payees, particularly due to the limitations of the blockchain”.
In order to reduce the transactions times, the company will initiate to offer a new method in user account. Therefore, it allows transacting in cryptocurrencies via existing systems for fiat currencies. Further account enables profile list to identify a users, “fiat currency amount, a blockchain currency amount, an account identifier and an address.
Certainly, this isn’t for the first that MasterCard is addressing the customers need into crypto niche. Recently, it has also won blockchain travel bidding system patent by US Patent and Trademark Office (USPTO) on June 7. It allows for both travelers and merchants to submit desired itineraries and bidding for each request.
In month of April, 2018 it had applied for a system that helps improve system accuracy when recording data on the blockchain, by blocking fake data. The system helps improve verification and avoid possible fabrication of personal identity data.
Image Source: MasterCard