#1 Source for BlockChain News

Category archive

MasterCard

Crypto Bull Run | New Blockchain Patents Push Market Upwards

The cryptocurrency market is booming this morning after a slew of crypto-positive announcements have hit the media. Is a crypto bull run upon us?

Bitcoin (BTC) is eyeing the $7,500 mark, and Ethereum is just under $500. Stellar (XLM) and Cardano (ADA) are leading the market today as both coins are seeing over 20% price gains.

Mastercard, Bank of America, and Wells Fargo all announced this morning that they are pursuing new blockchain-related patents. This very well could be the reason why investors are buying into crypto this morning.

Wells Fargo Tokenization System Patent

Cointelegraph reported this morning that The US Patent and Trademark Office (USPTO) just published a patent filing for the San Francisco-based bank, Wells Fargo. The publication states that the newly published application details a system in which any type of ‘data element’ could be located, protected, and accessed by means of tokenization.

As the patent filing outlines, tokenization uses encryption methods to process an originally unrestricted data element into a corresponding restricted token that can only be retrieved by a specific user. The retrieval is also known as ‘detokenization.’

Wells Fargo explains the protection of the data on its system by means of tokenization:

“Unlike the limited, anonymous signatures supported by existing systems, this tokenization manifest supports single signers, multiple signers, or co-signers to store information publicly without loss of confidentiality of any sensitive content.”

Bank of America External Data Validation Patent

Cointelegraph also reported this morning that the Bank of America also filed a blockchain-related patent that was released by the USPTO today.

Bank of America’s patent proposes using blockchain technology to track resource information and to confirm resource transfers. According to Fortune, Bank of America currently has 45 live blockchain patents pending.

Both Bank of America and Wells Fargo banned crypto purchases via their banks’ credit cards earlier this year, so these crypto and blockchain patents are a bit surprising. Do you think the announcement of these blockchain patents could be behind the current crypto bull run?

>> Marc Lasry: “Bitcoin Investors Will Make 5 to 10 times their Money in 3 to 5 Years”

Featured Image: Twitter

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Mastercard Files Blockchain Patent | Crypto/Fiat trading Will Be Faster

Mastercard files blockchain patent: Mastercard has filed another blockchain patent. According to a US Patent and Trademark Office, the company filed the patent July 17. The new patent is aimed at consumer protection and blockchain payment transactions. 

The patent document outlines its main goal: to quicken merchant transactions that use cryptocurrencies. Currently, the length of time it takes to confirm and complete transactions is making exchanges with crypto’s difficult and inefficient. Even though the technology is already widely available that could make the whole process instantaneous.

The application includes an outline for a new blockchain-based method to link assets between blockchain and fiat currency accounts.

Mastercard files blockchain patent

The method looks like this: Mastercard’s system will manage a “fractional reserve of blockchain currency,” and by doing this it hope’s’ to streamline the trading process. They would hold customers cryptocurrencies and their fiat, supposedly allowing for the quick exchange between the two. This would mean two accounts; one for storing fiat currency and the other to store “blockchain currency”. To identifying user accounts for transactions, the system would include a “plurality of account profiles, each profile including a fiat currency amount, blockchain currency amount, account identifier, and address,”.

This system also means that customers will experiencethe benefits of the decentralized blockchain while still maintaining the security of account information and provide a strong defense against fraud and theft.” 

Mastercard’s patent hopes that the public blockchain-based method can reduce transaction times, as well as secure users’ information.

>>Crypto Twitter Accounts are being Exposed by ShillExed

This is not Mastercards first blockchain patent. Last month, it filed another patent for a blockchain system to speed up payments whilst also making them more secure by including anonymous and private third-party transactions. In April it published a patent for faster blockchain node activation also.

While Mastercard is preparing for a world that is adopting cryptocurrencies and is accomodating a revolutionizing technology by implementing the blockchain for transactions, the CEO gave a somewhat different impression of the companies opinion of cryptocurrency when he called it “junk” last fall. 

Featured Image: Deposit Photos/orelphoto2

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Go to Top
%d bloggers like this: