Payment system MasterCard has received a patent for a method of “control fractional reserves blockchain currencies”, which opens the possibility of issuing cryptocurrency payment cards.
According to the patent application, the solution provides a binding to a single profile accounts with Fiat currency and cryptocurrency, as well as management through operational reports of the respective payment systems.
In the document published by the Office for patents and trademarks of the United States, MasterCard said that consumers appreciate in cryptocurrency anonymity and security that expands their use. Thus, according to the company, it is necessary to eliminate some drawbacks of the cryptocurrency, among which the lack of protection recipients and low-speed transaction processing.
In addition, according to the company, people confuse the fact that the use of cryptocurrency is somewhat different from the traditional payment methods. Therefore, the decision of linking the account with Fiat currency and cryptocurrency, may contribute to greater spreading of the latter.
The company has not yet announced whether the solution introduced in the market. Senior Vice President of MasterCard communications Seth Eisen (Seth Eisen) in this respect said:
“We are consistently considering ways to attract new thinking and new innovation to create value for us, our customers and cardholders. Patent applications are part of this process, as the steps taken to protect intellectual property, regardless of whether there is an idea to the market”.
We will remind, earlier it was reported that MasterCard is one of the leaders in the number of U.S. patent applications in the field of blockchain technology. Among the solutions, which the company expects to intellectual property law: methods of accelerating the payments and adding the nodes in the blockchain, the authentication coupons.