Mastercard Files New Patent to Link Crypto to Fiat Accounts
We are one step closer to paying for our purchases with the help of our credit cards using Bitcoin as a currency.
United States Patent and Trademark Office (USPTO) has approved a new patent filed by Mastercard, for a method of linking public blockchain-based assets to fiat currency accounts.
According to the filing, the method addresses the storing of both fiat and cryptocurrencies under one profile. This means, as a user, you’d have two linked accounts with your bank — one for your fiat wealth, and one for crypto.
The interest in the usage of cryptocurrencies is constantly growing. Owing to the nature of cryptocurrencies, especially consumers who value anonymity and security prefer them to traditional fiat currencies.
According to Mastercard, the new method allows for the assessment of the likelihood of fraud or risk associated with blockchain transactions, since existing payment algorithms like credit bureau data or demographic information can be provided by the traditional payment networks.
Mastercard’s patent is essentially a method for managing fractional reserves of blockchain currency.
Where storage is concerned, it is described as first requiring a central account with a fiat currency, and a second with “at least” a blockchain amount associated with a blockchain currency.
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