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MasterCard gets new blockchain patent: allows bitcoin transactions on credit cards

Time : 15/09/2021 Author : j8eiab Click : + -
        MasterCard obtained a patent on Tuesday to protect a method that can manage "partial reserve of blockchain currency". At present, Sethe Eisen, senior vice president of MasterCard communications, said that MasterCard cardholders can only use the currency declared by the government as legal tender to purchase goods. In a document released with the U.S. patent and Trademark Office, MasterCard said that those consumers who "value anonymity and security" are "increasingly using" blockchain currencies. The document states: "although the blockchain currency can usually provide one or another security guarantee for the payer's information, this security may be limited for the payer, especially due to the restrictions of the blockchain.
 
        ”For example, digital currency transactions still take longer: blockchain transactions take about 10 minutes, while traditional payments take nanoseconds. Therefore, consumers and businesses must wait "a long time" to complete these digital transactions, or "rely on the integrity of the payer" to prove that these transactions are valid, the document said. It adds that in the latter case, the anonymity of the blockchain may put the party receiving payment at a disadvantage. The document concludes that "many entities, especially merchants, retailers, service providers and other goods and service providers, may be cautious about accepting blockchain currencies as products and participating in blockchain transactions".
 
        However, although the specific details are not clear, if this method is introduced to the market, it can speed up blockchain transactions by allowing cardholders to immediately pay for goods on credit cards with a small part of digital currency. Eisen wrote in an email to CNBC: "we are always looking for ways to bring new ideas and innovations to the market and create value for us, our customers and cardholders. Patent application is part of this process, and measures are taken to protect the company's intellectual property rights, whether or not this idea can be turned into reality.". "Digital currency, or blockchain based currency, is an effective form of transaction, which has been verified," Mr. Li (as the managing partner and research director of equity research company) said in the fastmoney program on Tuesday.
 
        Bitcoin bulls pointed out that other countries such as Japan "have a more positive view of digital currency or blockchain based currency (i.e. real transactions)". According to coinbase, traders celebrated that bitcoin broke through $7000 at about 2:00 p.m. EST on Tuesday, and remained above $7300 for most of the day. This is 13% more than a month ago. In June, bitcoin fell below $6000, so that some traders thought it was a bear market for cryptocurrencies. A few days later, bitcoin prices recovered. However, according to coinmarketcap, the value of bitcoin, the largest digital coin by market value, exceeds $125 billion, but is far less than the peak in December (its price was about $19500 at that time).
 
        
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