MasterCard’s involvement in the blockchain industry is well-known, thanks to the company’s numerous ventures and research projects. Now, the American corporation has been granted a patent, enabling it to create a system that will reportedly increase the pace of processing cryptocurrency payments.
MasterCard Working on Faster Crypto Transactions
The patent, which has been approved by the U.S. Patent and Trademark Office, talks about the need for faster transactions and payment processing methods in the crypto industry. According to MasterCard, digital currencies are facing increased usage, therefore waiting 10 minutes for a transaction to be processed is no longer a viable option.
Because of this, the patent approves the development of a protocol that works with fiat currencies as well as facilitates cryptocurrency payments.
From a technical standpoint, the mechanism links profiles and easily recognizes fiat, crypto, addresses and account identifiers. The data is then used for more efficient payment processing. Additionally, the patent also talks about the need for a worldwide upgrade in storage and dispensation services.
In a recent press statement, Seth Eisen, MasterCard’s Senior VP for Communications mentioned:
“We’re constantly eyeing at methods to bring-in latest innovations to market with a view of creating value for us and our clients. Patent applications are part of that process, taking steps to protect the company’s intellectual property, whether or not the idea ever comes to market.”
Not long ago, JP Morgan also submitted a patent application for a similar system. The project reportedly allows users to tokenize their assets and trade depository receipts, rather than the actual coins, for faster processing.
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