In the latest development in the crypto-industry, the application for a patent was filed on 21st May 2015 by MasterCard Inc the American multinational financial servicing company, acquired a patent.

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.

In order to dispense this deliverable, a type of account would be offered which is competent of transacting in cryptocurrency through already existing systems for fiat. The account ties linkage between various profiles recognizes the amounts the user holds in fiat currency and cryptocurrency, as well as the account’s identifier and address.

Additionally, the patent states that the account would bring up to date the blockchain currency figures integrated into the data element in the acknowledged transaction message.

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.”

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