Mastercard received a patent for Bitcoin payments

Mastercard received a patent for Bitcoin payments


One of the world’s largest payment systems Mastercard won a patent for payments in bitcoins, reports CNBC. Mastercard offered a system that will secure the seller with mutual settlements in the cryptocurrency.

The method is that the user on one account stores the fiat currency, and on the other – the digital one. At the same time accounts are united by one account. Thus, the buyer will be able to pay with the cryptocurrency without risk to the seller, because digital assets are tied to a fiat account and the seller will be able to trust the fiat mechanism, as in standard calculations.

Mastercard believes that at the moment sellers are wary of using cryptocurrency because they can not rely on existing methods of identifying risks and fraud when conducting a transaction. It takes a long time to make a payment and traders are forced to rely on the good faith of the payer. This is due to the anonymity of the blockchain and can leave sellers at a disadvantage.

Experts call the appearance of such a patent good news for cryptocurrency. If the method is used in the market, transactions will pass faster and holders will be able to instantly pay for things or products with their credit card in the cryptocurrency.

Earlier, Mastercard received a patent for a tourist blockchain system. Travelers will be able to add their routes, and travel service providers will provide suggestions for each request.

Leaders in the number of applications for a patent for blockchain  technology in the US are Bank of America are the payment system of Mastercard and IBM.

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