Friday, July 20, 2018

Mastercard: A patent to link cryptocurrency to currency-fiat :

Mastercard: A patent to link cryptocurrency to currency-fiat

Mastercard has patented a system designed to link crypto-currencies and fiduciary currencies, in particular to combat market volatility, protect users and improve the processing of blockchain transactions.

The patent filed in 2015 by Mastercard was published yesterday on the website of the United States Patent and Trademark Office (USPTO).

Named 'Link between blockchain-based assets to fiduciary foreign currency accounts', this new method allows a fixed amount associated with a fiduciary currency to be stored in an account and to provide a cryptocurrency amount in a second account.

On the USPTO website, we read:

"It often takes time, several minutes, to complete a transaction on a blockchain. Conversely, the processing time of transactions via fiat money is in nanoseconds. Many companies, especially traders and wholesalers, refuse to support payment in cryptocurrency. "

"Consumers and sellers accustomed to fast transaction times are often forced to wait more than 10 minutes for a blockchain transaction to take place."

This new system recalls the functioning of stablecoin currencies like the USDT of Tether allowing crypto-investors to fight against market volatility. However, Mastercard has not yet made any announcement regarding the actual use of this patent.

This is not the first 'blockchain patent' of the US company specializing in issuing credit cards. Last April, Mastercard filed a patent described as a method and system of protection and identity verification through the blockchain.
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