Mastercard Inc (NYSE:MA) has just recently won a new patent, and this one will allow the company to develop its own method of increasing the speed of processing crypto payments.
Mastercard to make crypto transactions faster
The process of making crypto payments, while having many of its own benefits, still takes much more time when compared with payments done with fiat currencies. Fiat payments have evolved over time to become nearly instantaneous, while crypto payments still need up to 10 minutes to be processed and confirmed.
This is an issue that many have tried to tackle in the past, Mastercard included. However, the company needed to win a patent for their solution, which has finally happened, and the document was released on July 17 by USPTO (US Patent and Trademark Office).
The document mentioned the increase in the use of cryptos, especially by those who value privacy, security, and anonymity. However, it also mentions the large difference in processing time when it comes to crypto and fiat currencies. This difference puts cryptos at a serious disadvantage, which is what Mastercard wishes to change.
The patent continues to claim that things like transaction processing and storage need improvement. Because of that, entities like retailers, merchants, service providers, and all the rest that are interested in going crypto, have concerns when it comes to accepting payments via digital currencies.
What is the solution?
Mastercard’s solution to this issue is the creation and offering of a new kind of user account. This account would use fiat currencies systems but would process crypto payments instead. It would link various profiles in order to properly identify the amount of fiat currency, cryptocurrency, as well as address, and an account identifier.
Basically, the transactions made from these accounts would use the payment rails that fiat currencies have already perfected. All the fiat security features would also be included, with the only difference being that the transaction will work with cryptos, instead of fiat currencies. According to Mastercard, this will also allow payment networks to evaluate whether or not there are high risks for the transaction, which might lead to the reduction of fraud attempts. This will be an important new addition to crypto payments since it is not something that blockchain networks were capable of using.
Mastercard’s interest in making crypto payments better, more efficient, and now faster, has been known for a while now. The company has been interested in introducing changes that would protect the crypto users on multiple occasions already. Last year, for example, they made an application for another patent. This one was for the creation of an entire refund service, that would be used for increasing the safety of crypto transactions.
Now, however, crypto payments will be faster, more secure, and will be using already tested systems, which means that the implementation of these systems might not be that far away into the future.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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