Friday, 19 October 2018

Mastercard has a patent that could allow bitcoin transactions

NEW YORK: Consumers might one day be able to charge their purchases on their credit cards using bitcoin as a currency.

On Tuesday, Mastercard won a patent to protect a method that would manage “fractional reserves of blockchain currency.”

At present, Mastercard holders can only pay for things using currency that the government has declared as legal tender, Seth Eisen, Mastercard’s senior vice president for communications, said.

In the document, published with the U.S. Patent and Trademark Office, Mastercard said that there has been “increased usage” in blockchain currencies by consumers who “value anonymity and security.”

But there are disadvantages to using digital currency, the document noted, and there’s a need to improve the storage and processing capability of such transactions.

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