MasterCard’s New Patent Will Allow the Use Of Multiple Blockchain Currencies

Blockhain Tech
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MasterCard’s New Patent Will Allow the Use Of Multiple Blockchain Currencies

Presently, Mastercard holders can only maximize on currency endorsed by governments as legal tender. However, this is likely to change for the better, owing to the company’s interest in blockchain technology. The global lending and payment solutions company won a new patent, which supports multiple currencies. The patent, published by the U. S. Patent and Trademark Office outlines the use of a single platform to store multiple transactions.

MasterCard’s endorsement of the new patent comes at a time when the market is quickly responding to the use of blockchain currency. However, the same market is not open to the use of different blockchains for several currencies. This is one of the many observations that Mastercard had made at the time of filing the patent document in July 2016. As such, the patent outlines the critical need for a solution, which can provide a partitioned blockchain.

The partitioned blockchain will have greater utility according to the patent. Additionally, it will bring increased usage in blockchain currencies by consumers, particularly to those who value security.

The patent application is one the key strategies of growing any market according to MasterCard’s senior VP for communications, Seth Eisen. Speaking to CNBC on email Eisen explained, “We’re consistently looking at ways to bring new thinking and new innovations to market to create value for us and our customers and cardholders.”

The company is already investing in an investigation in blockchain, artificial intelligence, and machine learning technologies.

Mastercard could overtake newer fintech firms

Mastercard has been at the forefront in research and development initiatives concerning the use of now financial technology. As the blockchain market continues to expand, a majority of the newer firms are yet to establish their market reach. This is likely to work for MasterCard, whose aim is to go past the “hype” and improve on grounded services and products. It has its eyes on New York City and plans to create a new 212,000 square foot facility in Manhattan.