Mastercard has patented technology to bind the account to cryptocurrency

Payment system Mastercard has received a patent for the technology of the blockchain, which allows you to snap fiaty foreign currency account of the cryptocurrency to the user’s account.

«To process transactions based on the blockchain requires about ten minutes, while traditional payments are processed in a split second. Therefore, many entities, in particular, retailers and suppliers of goods and services can be careful in the blockchain and reluctant to engage in transactions with cryptocurrencies,» – said on the website of the office for patents and trademarks (USPTO).

The purpose of the new method to improve the storage and handling of transactions using the cryptocurrency.

It is built on the accounting system in which payments are made with debit cards tied to cryptocurrency account. The account provided by the second, expressed in Fiat money, the expense of the guarantor, who is also the insurance against the volatility of the cryptocurrency market due to the card.

According to the creators, this will reduce the time of transaction the company offers a new type of user account that is able to carry out transactions in currencies through the existing system for exchange rates.

 

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