Cryptocurrency and ICO news 18.07.2018

Mastercard to speed up crypto payments

According to Coindesk, Mastercard won a U.S. patent for a method of speeding up cryptocurrency payments.

The document published July 17 by the U.S. Patent and Trademark Office (USPTO) explains that the wide disparity in payment processing times between fiat and crypto puts last ones at a disadvantage. “There is a need to improve on the storage and processing of transactions that utilize blockchain currencies,” the patent claims.

It goes on to explain:

“It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed … Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds … Therefore, many entities, particularly merchants, retailers, service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions.”

To reduce these transaction times, the company would be offering a new type of user account able to transact in cryptocurrencies through existing systems for fiat currencies. This account would link a series of profiles able to identify a user’s “fiat currency amount, a blockchain currency amount, an account identifier and an address.”

The transactions themselves would use the fiat currency’s payment rails and security features, but each transaction would represent a cryptocurrency.

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