MasterCard Wins Patent To Manage Blockchain Currency ReservesBTC Casino / 31st October 2018
The patent for fractional cryptocurrency banking has been won by MasterCard and this could mean that there are plans for the management system for fractional reserves of blockchain currency by the company.
MasterCard Blockchain Patent Integrates Existing Traditional Payment Networks with Blockchain Currencies
On 29th June 2018, the patent that was filed refers to “the use of centralized accounts to manage fractional reserves of fiat and blockchain currency updated via transaction messages corresponding to fiat- and blockchain-based payment transactions”.
The essence for such mechanism was elaborated by the inventor, Steven Charles Davis, senior consultant of research and development at MasterCard.
Transactions based on blockchain can be very time consuming due to the processing time, system of the computer and resources needed to confirm and update the blockchain. This therefore creates a problem between merchants and consumers, especially the recipient who “must rely on the payer’s good faith that their transfer will be valid”.
“In such latter instances, the anonymity of the blockchain may leave the payee at a disadvantage, because the inability for the payee to identify the payer may prohibit the payee from utilizing various risk or fraud detection methods,” the document noted
Furthermore, it can be problematic for customers to adopt or even understand blockchain currencies, it said, adding that its anonymous nature may leave consumers “unable to prove their identity and ownership of a wallet…little recourse if their wallet and/or associated currency is stolen”.
The objective of the fractional reserve system for blockchain is to advance the storage and processing of transactions by using an existing traditional payment network in combination with blockchain currencies and payment system techs.
There is an argument by the inventor that the integration is able to
Malcom in the Meddle: Fans React as New Barça Star Scores Against Roma Days After Transfer Hijacking
Wednesday August 08, 2018
One of the summer’s strangest transfer stories took place last week when Brazilian winger Malcom’s transfer to Roma was hijacked at the eleventh hour by Barcelona. A deal had been agreed between Malcom’s former club Bordeaux and Roma for the player’s signature, with the Italian side even announcing the deal on social media before Barcelona swooped…
The post Malcom in the Meddle: Fans React as New Barça Star Scores Against Roma Days After Transfer Hijacking appeared first on W88bet.
“provide consumers and merchants the benefits of the decentralized blockchain while still maintaining security of account information and provide a strong defense against fraud and theft”.
Soi kèo bóng đá Viktoria Plzen vs Real Madrid, ngày 08/11: Tạm thời ổn định
Monday November 05, 2018
Kèo bóng đá Viktoria Plzen vs Real Madrid – 03h00 sáng ngày 08/11/2018 – Vòng Bảng Champion League 2018/2019 – Champion League 2018/2019, Group G. Soi kèo hiệp 1 trận Viktoria Plzen vs Real Madrid Với Viktoria Plzen, giành được quyền tham dự Champion League gần như đã là một thành […]
The post Soi kèo bóng đá Viktoria Plzen vs Real Madrid, ngày 08/11: Tạm thời ổn định appeared first on Tin thể thao.
The procedure for handling fractional reserves of blockchain currency by MasterCard is made up of receiving a transaction notification in relation to a payment transaction; recognizing a particular account profile kept in an account database that includes the particular address, an agreement currency amount and a blockchain currency amount; and bringing up to date the blockchain currency amount included in the recognized exact account profile.
“Junk” was the word used by the President and CEO of MasterCard, Ajay Banga, recently when referring to cryptocurrencies. The speech he gave also tackled the huge market instability and the popularity among criminals. He further argued that digital assets don’t deserve to be considered as a medium of exchange. Meanwhile, in the company’s Ireland-based subsidiary, much research and development has been done in regards to blockchain to improve payments services.
Join Us on Telegram
Bounty Hunts And “All About Freedom” – October’s IOTA In Retrospect
FCC Chairman Concerned Blockchain Regulations Might Be Archaic
Spanish Government Expects Crypto Users To Identify Themselves For Taxing Purposes
Australian Woman Arrested For Allegedly Stealing Ripple XRP
The post MasterCard Wins Patent To Manage Blockchain Currency Reserves appeared first on CoinStaker | Bitcoin News.