Mastercard files blockchain patent: Mastercard has filed another blockchain patent. According to a US Patent and Trademark Office, the company filed the patent July 17. The new patent is aimed at consumer protection and blockchain payment transactions.
The patent document outlines its main goal: to quicken merchant transactions that use cryptocurrencies. Currently, the length of time it takes to confirm and complete transactions is making exchanges with crypto’s difficult and inefficient. Even though the technology is already widely available that could make the whole process instantaneous.
The application includes an outline for a new blockchain-based method to link assets between blockchain and fiat currency accounts.
Mastercard files blockchain patent
The method looks like this: Mastercard’s system will manage a “fractional reserve of blockchain currency,” and by doing this it hope’s’ to streamline the trading process. They would hold customers cryptocurrencies and their fiat, supposedly allowing for the quick exchange between the two. This would mean two accounts; one for storing fiat currency and the other to store “blockchain currency”. To identifying user accounts for transactions, the system would include a “plurality of account profiles, each profile including a fiat currency amount, blockchain currency amount, account identifier, and address,”.
This system also means that customers will experience “the benefits of the decentralized blockchain while still maintaining the security of account information and provide a strong defense against fraud and theft.”
Mastercard’s patent hopes that the public blockchain-based method can reduce transaction times, as well as secure users’ information.
This is not Mastercards first blockchain patent. Last month, it filed another patent for a blockchain system to speed up payments whilst also making them more secure by including anonymous and private third-party transactions. In April it published a patent for faster blockchain node activation also.
While Mastercard is preparing for a world that is adopting cryptocurrencies and is accomodating a revolutionizing technology by implementing the blockchain for transactions, the CEO gave a somewhat different impression of the companies opinion of cryptocurrency when he called it “junk” last fall.
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