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Mastercard's New Patent to Improve Crypto Payments
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Mastercard's New Patent to Improve Crypto Payments
The USPTO will grant Mastercard yet another new patent, this time for creating a method of increasing the speed of crypto payments. The patent was published on July 17th and it explains why the need for such development exists.
Crypto payment speeds in need of improvement
The crypto world continues its development and has made another step towards mainstream adoption thanks to Mastercard's recent efforts. The credit card giant has requested a patent for creating a new way to improve the speed of crypto transactions, which was consequently granted a few days ago.
According to the patent document, the crypto sphere is in dire need of improvement when it comes to transaction speeds, especially taking into account the growth in demand.
The document claims that blockchain-based currencies are increasingly being adopted but that they lack the appropriate systems for handling payments. Fiat currencies have an advantage here since these transactions can be completed within nanoseconds, as the document claims. Cryptos, on the other hand, take up to 10 minutes or more to be processed, which does not meet demand.
With speed as a key issue when it comes to crypto payments, Mastercard has managed to come up with a way to fix this.
The USPTO will grant Mastercard yet another new patent, this time for creating a method of increasing the speed of crypto payments. The patent was published on July 17th and it explains why the need for such development exists.
Crypto payment speeds in need of improvement
The crypto world continues its development and has made another step towards mainstream adoption thanks to Mastercard's recent efforts. The credit card giant has requested a patent for creating a new way to improve the speed of crypto transactions, which was consequently granted a few days ago.
According to the patent document, the crypto sphere is in dire need of improvement when it comes to transaction speeds, especially taking into account the growth in demand.
The document claims that blockchain-based currencies are increasingly being adopted but that they lack the appropriate systems for handling payments. Fiat currencies have an advantage here since these transactions can be completed within nanoseconds, as the document claims. Cryptos, on the other hand, take up to 10 minutes or more to be processed, which does not meet demand.
With speed as a key issue when it comes to crypto payments, Mastercard has managed to come up with a way to fix this.
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