Mastercard received a patent for the method of acceleration of cryptocurrency payments from the Bureau of patents and trademarks USA (USPTO).
In the text of the patent application filed with the international payment system, it is argued that despite the growing popularity of cryptocurrencies from users who appreciate the anonymity and security of digital assets is still lose in a way traditional Vietnam.
“The fact that for the transfer in the blockchain, it is often necessary for about ten minutes […] And in the case of Fiat payment transactions based on payment networks, the processing time is measured in nanoseconds […] so many actors, such as sellers, retailers, service providers and other suppliers of goods and services, do not want to accept payments in bitcoin and participate in the transactions on the blockchain”, the application says.
To reduce the time of transfer Mastercard offers to create a new type of user account, which enables cryptocurrency transactions through the existing system for Fiat money. This account will combine a series of profiles, is able to determine the amount of Fiat and crypto-currencies available to the user and account ID and recipient address.
The application stresses that another advantage of this method is that the “payment network will be able to assess the likelihood of fraud and risk to blockchain transactions using the existing algorithms of fraud, as well as information of the payment networks (records of transfers of Fiat and cryptocurrency, demographic, and other data) that are not in the blockchain networks”.
Recall that for the past few months, Mastercard has already received several patents related to the technology of distributed registry. So, in April it became known that the company plans to use the blockchain to combat identity theft. And last month Mastercard announced three patent — one-on-blockchain system for travelers and suppliers of travel services, the second — on technology verification cards, and the third is for an anonymous blockchain transactions.
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