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Author Topic: Mastercard Patent for Speeding Up Crypto Payments  (Read 51 times)
LeGaulois
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July 23, 2018, 02:38:22 PM
 #1

I came across this information from last week. Looks like Mastercard decided to join the movement. Not by investing but by proposing payment solutions using crypto.
The patent (here)says transaction and storage need to be improved. People will get a user account which they will be able to use with cryptocurrencies
Quote
The transactions themselves would use the fiat currency's payment rails and security features, but each transaction would represent a cryptocurrency.
Look like it will be something like a balance converted automatically. Also I think it can reduce the supposed "illegal activities" and "anonymity" because from what I understand you will have a crypto address linked to a fiat account. Hence "we know who you are".
If a major player like MasterCard starts to implement such solutions I am sure that the crypto will know one of its biggest boost.

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July 24, 2018, 09:24:00 AM
 #2

I disagree with large corporations like mastercard being awarded crypto patents.

Patents can be utilized to repress technology. Oil companies owning the patents to nickel metal hydride batteries and repressing battery technology is one main reason why electric cars did not become mainstream until after lithium battery technology was developed. In that instance the patenting process stalled innovation and progress on electrically powered vehicles for literal decades.

There is a potential for mastercard or another financial institution to repress crypto technology by being awarded patents which grant them exclusive use over the technology then opting not to do anything with the technology for the next 20 years. If anyone used the crypto technology covered by their patent, they could sue them in court and they would win.

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July 24, 2018, 10:14:55 AM
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I disagree with large corporations like mastercard being awarded crypto patents.

Patents can be utilized to repress technology. Oil companies owning the patents to nickel metal hydride batteries and repressing battery technology is one main reason why electric cars did not become mainstream until after lithium battery technology was developed. In that instance the patenting process stalled innovation and progress on electrically powered vehicles for literal decades.

There is a potential for mastercard or another financial institution to repress crypto technology by being awarded patents which grant them exclusive use over the technology then opting not to do anything with the technology for the next 20 years. If anyone used the crypto technology covered by their patent, they could sue them in court and they would win.

I understand your point, but it doesn't really matter anymore what these corporate clowns come up with.

In no shape or form can they do anything to suppress Bitcoin and other cryptocurrencies, only the centralized ecosystem around it to a certain degree.

We're in a whole different league now. We don't depend on corporations anymore. Instead of we worrying about what they will be doing in the next years, they are worrying about what we are doing in the next years. In other words, we have the freedom to discard their services and people slowly but surely start to understand the importance of this.

In the end it's very simple, the less we use their products, the less powerful they are. We allowed them to grow this large and Bitcoin can and will end it.

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July 24, 2018, 11:50:04 AM
 #4

This is really funny.Mastercard is "deveolping" a technology that has nothing to do with the blockchain,it is centralized,it has zero anonymous transactions and zero innovation.They claim that this is "crypto payments",but it`s not.They just want to gather more crypto fans as their new customers.This is their only goal with the so called "patent".

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July 24, 2018, 01:03:14 PM
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This is really funny.Mastercard is "deveolping" a technology that has nothing to do with the blockchain,it is centralized,it has zero anonymous transactions and zero innovation.They claim that this is "crypto payments",but it`s not.They just want to gather more crypto fans as their new customers.This is their only goal with the so called "patent".
Exactly. I think so too.
They just want to attract many electronic money fans, their new project to achieve high profit margins.
It is their only goal at the moment. Definitely.

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July 24, 2018, 01:19:34 PM
 #6

It is just rumors, isn't it?
alyssa85
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July 24, 2018, 02:47:00 PM
 #7

I came across this information from last week. Looks like Mastercard decided to join the movement. Not by investing but by proposing payment solutions using crypto.
The patent (here)says transaction and storage need to be improved. People will get a user account which they will be able to use with cryptocurrencies
Quote
The transactions themselves would use the fiat currency's payment rails and security features, but each transaction would represent a cryptocurrency.
Look like it will be something like a balance converted automatically. Also I think it can reduce the supposed "illegal activities" and "anonymity" because from what I understand you will have a crypto address linked to a fiat account. Hence "we know who you are".
If a major player like MasterCard starts to implement such solutions I am sure that the crypto will know one of its biggest boost.

Interesting. It looks like they want to link their credit card to a cryptocurrency wallet.

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July 24, 2018, 03:14:57 PM
 #8

It is just rumors, isn't it?

Its not mate, at least check the links provided in the OP.

This patent was truly registered and approved for the MasterCard company, plus it was in the news as well. Its a big thing I guess, and this can help improve the crypto currency transaction as well. We might just see great developments taking place in the crypto transmission soon and might see bitcoin as point of centre to be used by the MasterCard company in the coming days. You know never know how big transformation might this bring to us, indeed this one of the best news that has came out from the real world.  Tongue

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July 24, 2018, 03:58:17 PM
 #9

Yes,. I also read some articles and news that mastercard accepted crypto.. it would be very nice
chaoscoinz
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July 24, 2018, 04:43:00 PM
 #10

I came across this information from last week. Looks like Mastercard decided to join the movement. Not by investing but by proposing payment solutions using crypto.
The patent (here)says transaction and storage need to be improved. People will get a user account which they will be able to use with cryptocurrencies
Quote
The transactions themselves would use the fiat currency's payment rails and security features, but each transaction would represent a cryptocurrency.
Look like it will be something like a balance converted automatically. Also I think it can reduce the supposed "illegal activities" and "anonymity" because from what I understand you will have a crypto address linked to a fiat account. Hence "we know who you are".
If a major player like MasterCard starts to implement such solutions I am sure that the crypto will know one of its biggest boost.
Wow, this is great if this turns out to be true. Mastercard is a household name. If they really are deciding to contribute to the crypto economy, then other companies may possibly try to compete with them and eventually follow suit, issuing their own patents for Blockchain tech. It is good to see that people are starting to adopt the blockchain more and more. Could crypto be here for the long run?

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July 24, 2018, 05:08:58 PM
 #11

So what will be the difference between a normal crypto exchange like Coinbase and the MasterCard patented fiat/crypto hybrid account? There are financial firms like Revolut that offer crypto and fiat wallets built into a single app so what advantage could the MasterCard service possible have over pre-existing solutions?

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