Mastercard has already been granted a patent for a partitioned, multi-currency blockchain in the US, along with several others. Now it is seeking further patents, including one that would make transactions with traditional and online assets possible by working as an electronic wallet.
They aim to increase the efficiency of traditional and blockchain transactions and would monitor cryptocurrencies as well as other currencies and assets. The application pointed out that, although current payment systems are fast, considering that they have to carry out calculations and deal with fraud algorithms, the new system they are processing would be even quicker.They want to merge the traditional payment methods with the security and safety associated with blockchain and cryptocurrencies, and, according to IBT Business, they are at the forefront of combining this old and new technology.
The Birth Of Mastercard
Several California banks originally started Mastercard as a competitor to what is now known as Visa. This was back in 1966 and, since then, it has been a method of payment that has become accepted globally. Back in 2013, it was listed by Forbes magazine as one of the best companies to work for and, in 2016, Mastercard UK committed to a pledge to aim for balanced gender representation within the company.
This is all good news, but what is even more impressive is the number of industries that rely on its services. Mastercard makes it much easier to purchase products online, and its brand is synonymous with security. Many sites and brands are proud to show that they support Mastercard, such as gaming operator Buzz Bingo, which features the Mastercard logo on their homepage. You can use it offline and online and, with Mastercard SecureCode, you have an extra layer of security to help reduce the possibility of your card being used by someone else.
Other Patents For Which Mastercard Has Applied
It seems that Mastercard is intent on getting the combination of technologies right, and, to achieve this aim, it has already applied for a large number of patents. Included in these is one for a system that will speed up the activation of new nodes in the blockchain, another for a new way of linking accounts that use the blockchain and traditional payment methods, and one for further security to help in the fight against identity theft. In their Future Of Money section, Cointelegraph explains all these matters in much more detail, as well as pointing out the many advantages merging the two technologies could bring for both consumers and merchants.
Changing The Way We Pay
In recent years, it has become very apparent that cryptocurrencies will alter the way we pay for things. Bringing the blockchain technology with them was a huge advancement, and it is great news that someone as reputable as Mastercard has embraced the technology and is getting ready to deal with all aspects of it. With a name as prestigious as theirs backing the changes, consumers will have more faith in the alterations as they are made, and any transition that occurs will probably go unnoticed by most people in their day to day lives.