On 17 July, the Office of patents and trademarks U.S. has published information according to which Mastercard has received a patent for their method of acceleration of cryptocurrency payments. The company believes that despite the growing popularity of cryptocurrency among connoisseurs of anonymity and security, the difference in time of processing payments in the case of Fiat and coins puts the latter at a disadvantage. For this reason, it is necessary to improve the storage and processing of transactions in currencies based on the blockchain.
For the processing of transactions on the basis of the blockchain often takes time, for example, about 10 minutes. At the same time, traditional transactions to payment networks is often measured in nanoseconds. For this reason, many entities, in particular retail sellers and other suppliers of goods and services can be cautious with the currency on the blockchain for goods and blockchain transactions.
How to speed up the transaction
Mastercard proposes to reduce the time of transaction by creating a new account, which will allow you to perform operations through the existing Fiat system. This account will be able to capture the accumulation of the user in the usual currency, savings in the cryptocurrency, the account ID and address.
In other words, cryptocurrency want to run on rails built for Fiat. Mastercard believe that this decision will not only increase transaction speed, but also give the ability of payment networks to assess the likelihood of fraud with the existing tools. Today financial network, assess the risks taking into account transaction history, credit Bureau data, demographic information and many things that are unavailable to cryptocurrency.
We have already seen some evidence that Mastercard has taken an active interest in cryptocurrency. And if you do not Mastercard, then who? Only users of our Telegram chat.