Mastercard wins patent for managing fractional reserves of blockchain currency
Mastercard has been awarded a patent that deals with speeding up transactions on the blockchain. Under the newly issued patent, new user accounts would be created to speed up the process.Tweet this
A United States patent was awarded to Mastercard on Tuesday as a process to make cryptocurrency payments faster.
The method described in the docuemnt is one that involves a new account that facilitates the transaction of various cryptocurrencies to fiat.
In the Background section, it details:
“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… Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds.”
Mastercard hopes to offer the security of the blockchain with the speed of a traditional payment system.
It’s not surprising that Mastercard would try and get out in front of their intellectual property as they and other behemoths battle for the lead in digital payments worldwide.