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19-07-2018
The multinational financial services company seeks to create a simpler and faster system that allows the incorporation of cryptocurrency into a traditional payment network
The United States Patent and Trademark Office (USPTO) granted Mastercard the patent on a "method for administering fractional blockchain reserves", which will allow to link accounts in cryptocurrencies with currency accounts.
The multinational financial services company seeks to create a simpler and faster system that allows cryptocurrencies to be incorporated into a traditional payment network.
According to the document released Tuesday by the USPTO, the system is based on the use of centralized accounts, to manage the fiduciary currency, on the one hand, and cryptocurrencies, d & # 39; on the other hand, which would be stored in a database allowing the management of account profiles. multiple .
Each profile would include consumer-related data such as: an amount in hard currency, an amount in cryptocurrency, a account identifier and an address [194590] 07]. Thus, during a transaction in the payment network, it can be managed via this profile.
Mastercard argued that, in recent times, there has been greater use of cryptocurrency by consumers who value security. and the relative anonymity that they provide.
However, these benefits may be limited by the limitations of the block chain presented in the paper, as the significant duration ( about ten minutes ) that it takes to process and confirm a transaction based on a blockchain like Bitcoin, for example. In contrast, in traditional fiduciary payment networks, processing times are measured in nanoseconds.
With its new patented system, the financial enterprise intends to integrate the benefits of channel-based cryptographic currencies into one service. , with the agility of the payment network .
Mastercard applied for two other patents related to technology blockchain . One of them is to create a system based on the chain of blocks to protect the identity of users. It is called the method of identity, the protection of identification information and verification by blockchain.
The second refers to the call for offers for travel services, where users could send favorite routes and stores. each service request.
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