Mastercard won a patent for the technology to accelerate the cryptocurrency transactions, CoinDesk reprots.
According to a document published by the US Patent and Trademark Office, Mastercard recognizes that "consumers who value anonymity and security increasingly prefer crypto currencies to fiat currencies," but the processing speed of crypto-currency transactions is an obvious "drawback" of this method of payment.
There is a need to improve on the storage and processing of transactions that utilize blockchain currencies. 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 the processing time for transactions, the company proposes to introduce a new type of user accounts, which will be able to carry out cryptocurrency transactions tied to the fiatic currencies. This account will be used to link several profiles that will allow user to set "the amount of currency, the amount of blockchain currency, account ID and address".
Such transactions will be carried out using the means of payment of the financial currencies and transfer the crypto currency. Mastercard notes that when transferring cryptocurrencies in such way, "payment networks may be able to evaluate the likelihood of fraud and assess risk for blockchain transactions using existing fraud and risk algorithms and information that is available to payment networks, such as historical fiat and blockchain transaction data, credit bureau data, demographic information, etc., that is unavailable for use in blockchain networks"
Mastercard hard already made steps on the field of cryptocurrency. Last year, in a patent application, the company described the technology of refunds when working with crypto-currencies.