Mastercard patented acceleration technology …
Mastercard patented technology to accelerate cryptocurrency transactions
On Tuesday, Mastercard received a patent for a technology to accelerate cryptocurrency transactions, CoinDesk reports..
According to a document published by the US Patent and Trademark Office, Mastercard acknowledges that “consumers who value anonymity and security are increasingly preferring cryptocurrencies over fiat currencies,” but the speed of processing cryptocurrency transactions is an obvious “disadvantage” of this payment method..
“There is a need for improvements on the side of storing and processing transactions carried out using currencies on the blockchain,” the document says..
“It often takes a significant amount of time to process a blockchain transaction, about 10 minutes. On the other hand, traditional fiat payment transactions made through payment networks are often processed in nanoseconds. Thus, many individuals, in particular merchants, retailers, service providers and other distributors of goods and services, may be wary of accepting blockchain cryptocurrencies and making blockchain transactions, ”writes Mastercard.
To reduce the processing time of transactions, the company proposes to introduce a new type of user accounts that will be able to carry out cryptocurrency transactions tied to fiat currencies. This account will be used to link several profiles that will allow you to set the “amount of fiat currency, amount of blockchain currency, account ID and address”.
Such transactions will be carried out using fiat currencies and transfer cryptocurrencies. Mastercard notes that when transferring such cryptocurrency transactions, “payment networks will be able to assess the likelihood of fraud and risks using external risk assessment mechanisms and information available to payment networks, such as historical data on fiat and blockchain transactions, credit bureau data, demographic data, etc. etc. that are not available in blockchain networks “.
Mastercard has previously addressed the topics of cryptocurrency and consumer protection in its patents. Last year, in a patent application, the company described a technology for refunding payments when working with cryptocurrencies..
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