MasterCard wins legal fight for payments with crypts

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The multinational financial services company, best known for being one of the images of credit and debit cards. He won a legal battle over a method to accelerate cryptocurrency payments.
The document published on June 17 by the United States Patent and Trademark Office (USPTO), where it explains that although cryptocurrencies "have shown a greater increase in their use, unlike common money, the fiduciary, by consumers who value anonymity and security ", the great disparity in the processing times of payments between crypto and common currencies, puts cryptocurrencies at a clear disadvantage, for those potential users who could move from one to the other. 

There is a need to improve the storage and processing of transactions that use coins based on the Blockchain ... It often takes a significant amount of time, around 10 minutes, to process a simple transaction based on chain blocks, on the contrary, traditional transactions of payments in fiat currency are processed by payment networks have processing times that are measured in nanoseconds. 

Therefore, many particularly commercial entities, retailers, suppliers of goods and services can be cautious when accepting a currency based on Blockchain, for products and participate in active crypto transactions, says MasterCard in the patent. 

According to the credit card company, the transactions themselves would use the payment paths and existing security features of fiduciary currency, but each transaction would represent an amount in cryptocurrencies. 

In order to reduce these transaction times, the company would be offering a new type of account for its customers who wish to do so, capable of carrying out cryptocurrency transactions through the existing system for fiduciary currency transactions. 

This account would link a series of profiles capable of identifying the amount in common currency, the amount in cryptocurrencies, an account address with its identifier. 

MasterCard also adds that when processing "crypto transactions" in the way that is currently done with the common currency, payment networks can evaluate the possibility of fraud, as well as the risk associated with Blockchain transactions, using risk algorithms and fraud already tested and existing, at the same time we would count on the information already available as, the history of transactions (both crypto and fiduciary), credit data approved or denied, demographic information. Information and data that is not currently available in normal Blockchain transactions.

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