Mastercard Approved by USPTO for Crypto-Fiat Linking Patent
After filing the patent last May, Mastercard has been granted the new patent by the USPTO for a new solution to cryptocurrency-fiat account connectivity.
The company has been persistently promoting its patented idea as a plan designed to support customers by accelerating the time it takes for cryptocurrency transactions to go through while securing the receiver's information and assets.
Mastercard stated that despite how more secure and efficient digital currencies are, the same security for payment receivers is not the same due to restrictions of the blockchain. As it stands, transactions on blockchains can take quite some time. The company states that it takes almost ten minutes for a transaction to go through due to CPU efficient and necessary validation.
On the other hand, the company states that modern-day fiat currencies have incredible transaction speed when conducted through payment networks and a growing demand for the same efficiency with cryptocurrency payments is pressuring the system. Adding to the statement, Mastercard explained that buyers and sellers used to accelerated transactions usually have to wait for the slow speed of a blockchain process.
In other incidents, the anonymous nature of blockchain due to customer-merchant identification issues as both maintain anonymous statuses on the platform making it even harder to secure a transaction. According to the company, its new patent is aimed at lifting any concerns companies, sellers, clients, and customers may have regarding digital BC payments and an added feeling of security would be provided if a sort of centralization was present. The new patent consists of a new approach to managing fractional blockchain currency reserves.
Identification in regards to the new patent requires account profiles stored in its database to be updated to essentially accommodate and support the new system. In regards to storage, a number of special accounts will require at the very least, a sum of fiat currencies, digital currencies, identification and a transaction address.
Earlier this week, Coinbase states that official US regulators approved three different assets only to deny receiving any such support later. The digital trading company states that the SEC and FINRA granted the company three others, Keystone, Digital Wealth and Venovate. A representative stated that these rumors were not true due to the SEC having no authority whatsoever in approval.