Mastercard wins patent

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Mastercard won a patent from the U. S. Patent and Trademark Office (USPTO) on July 17th, 2018 that will speed up transactions in the crypto markets.

How it will work is by linking profiles together, utilizing fiat currency amounts a blockchain currency amount and an account identifier with a legal address.

At the present time blockchain transactions are currently running at about ten minutes to be processed but traditional fiat payment transactions are processed in nanoseconds, therefore, many merchants, retailers, and service providers of goods and service may be put off using such methods this is why a change is needed.

So, to improve the system, each transaction would be required to use fiat currencies payment rails and security features, each transaction would represent a currency.

Mastercard believes processing transactions made with cryptocurrencies is the way to progress.

It was only last year Mastercard applied for a patent which was for consumer protection in the crypto world looking at building a refund service for crypto transactions.

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