In the latest development in the crypto-industry, the application for a patent was filed by MasterCard Inc (NYSE: MA), the American multinational financial servicing company, has just recently acquired a new patent, and this one would enable the company to develop its own method of increasing the pace of processing payments via cryptocurrency option.

We recently came across that on the JP Morgan’s application of patent, the U.S. Patent & Trademark Office (USPTO) approved and summarized a method whereby users on a distributed network such as a blockchain can tokenize assets and trade these virtual depository receipts.

Likewise, the U.S. Patent and Trademark Office formally approved MasterCard a patent application for a method of increasing the speed of cryptocurrency transactions.

The brand new patent demonstrates the need for increasing the pace of cryptocurrency transactions driven by the rising demand for the same. A pertaining document reads: Blockchain currencies have witnessed increased usage over fiat currencies by consumers who assess the ambiguity and security.

According to Seth Eisen, the MasterCard Senior VP for communications who told CNBC: “We’re constantly eyeing at methods to bring-in latest innovations to market with a view of creating value for us and our clients. Patent applications are part of that process, taking steps to protect the company’s intellectual property, whether or not the idea ever comes to market.”

Currency and payments system has gone into the revolution and evolution over the time to ensure ease and instantaneous method of doing the transaction, while crypto payments still need up to 10 minutes to be processed and confirmed.

The patent is supposed to claim that things like dispensation and storage require upgrading. As a result, retailers and other service providers who are equipped to go with crypto have had concerns about payments via digital currencies.

In order to overcome this shortcoming, Mastercard account customizes such mechanism that would utilize fiat currencies but processes crypto payments instead. Mechanism links various profiles in order to accurately recognize the amount of fiat currency, cryptocurrency, as well as address, and an account identifier.

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