Cryptocurrency

Mastercard & Cryptocurrency | New Patent to Improve Crypto Payments

The USPTO ( United States Patent and Trademark Office) is soon going to grant a new patent to Mastercard to improve the crypto payments. This patent will help increase the speed of the crypto payments. Earlier in July 2017, the patent was published regarding the need for such a development in the payment industry.

Cryptocurrency Payment Speed Improvement | The New Patent

The cryptocurrency industry is improving every day. Mastercard’s recent efforts have claimed the improvement in the crypto payment industry. Recently, the media report popped up mentioning the request for a patent that a credit card giant, Mastercard has requested to create a new development in speeding up the cryptocurrency transactions.
It has been mentioned on the patent paper that there is a severe need for the improvement in the crypto sphere when it comes to crypto transaction speed. The major reason for the need for this improvement is because of the increasing demand.
According to the statistics mentioned in the paper, more and more population is getting adaptive of the blockchain-based currencies. However, the lack of an appropriate system to handle the payments is putting a halt in the entire development cycle.  When it comes to Fiat currencies, the transaction takes only a few nanoseconds for transaction wherein when it comes to cryptocurrency the same transaction takes up to 10 minutes.

The solution for increasing the Crypto-transaction Speed 

The Senior Vice President of Mastercard, Seth Eisen said that they do not have any intention of creating any new product to deal with the issue of speed. According to what they have in mind, there is a way to help increase the speed of the transaction without actually developing something new.
The MasterCard proposed to launch a new type of account that will use the payment systems perfected for the fiat currencies further modified to work with the cryptocurrencies.  These proposed accounts will link different profiles to identify the amount in fiat that an account holder has including all other digital coins. This is the same way in which the account identifier would become known. Once, this is done, the transaction will process through the rails that are already developed by the fiat transactions. Here the only difference will be that the transaction will occur only in crypto.
This improved speed will help people adopt cryptocurrencies. This patent application via Mastercard will help develop cryptocurrencies to another level. Further, this patent will develop a way to increase the speed of verification for the blockchain nodes to process.

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