Mastercard Develops New Blockchain Solution In Crypto Sphere
Mastercard seeks to obtain a patent for the use of the principles of a partial bank reservation in the crypto sphere. The application is published on the website of the United States Patent and Trademark Office (USPTO).
According to the document, the financial company will provide traders with the opportunity to interact with the so-called “blockchain currencies”, which includes a new method of simultaneous storage of cryptocurrency and fiat money. The application refers to the methods of partial reservation of currencies on blockchain.
In recent years, Mastercard has demonstrated an ambiguous attitude towards the crypto sphere. On the one hand, the company submits applications and obtains patents — in September, an application was submitted for blockchain in the field of accounting for consumer payments, and in early October, the USPTO approved the company's application for a solution capable of creating different types of blockchain systems, including with support for several cryptocurrencies. On the other hand, Mastercard, together with Visa, classifies the crypto sphere and ICO as a high-risk area.
It seems that Mastercard wants to apply the principles of the traditional banking system to the crypto sphere, considering them to be specially designed and configured to safely store and protect customer information and other data.
The use of traditional payment networks and blockchain technologies for payment systems will provide consumers and sellers with the advantages of a distributed ledger. Information about personal accounts will be safe, according to the application.