Crypto News Flash #213: Mastercard Filed A Patent For Speeding Up Cryptocurrency Transactions

in #news5 years ago

Cryptocurrencies have become so popular these days that majority of people have heard about it and knows how its works. While initially Bitcoin was introduced as a payment method working decentralized without any parent authority, but later evolved as a store of value. People now generally buy Bitcoins as a store of value instead of payment method. 

Whatever the case is, Bitcoin is a versatile cryptocurrency acquiring over $150 Billion market capitalisation in crypto space. But Bitcoin has some drawbacks too and one of them is : Slow transaction speed. 

Mastercard actually won a patent on Tuesday for a flagship method which could increase crypto transactions speed. 

U.S. Patent and Trademark Office recently published a document in which it described the popularity of cryptocurrencies and investment it is receiving from general public. But also it criticized its transaction speed and proposed that it needs to be improved for better transaction processing in cryptocurrencies.

As per the source, the document reads as follows:

"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."

Now, Mastercard will be helping people by introducing a new method to fasten their crypto transactions. The company would do this by offering a new type of user account in which user can transact in cryptocurrencies using the existing system for fiat. 

Although, the complete details hasn't been provided by Mastercard but an assurance came by that this new method will soon be launched for the use by general public. 

Thanks for reading ..!!

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