The U.S. Patent and Trademark Office officially granted MasterCard a patent for a method of increasing the speed of cryptocurrency transactions.
The Need for Speed
Published July 17, the patent explains the serious need for increasing the speed of cryptocurrency transactions based on the growing demand for the same. The document reads:
In recent times, blockchain currencies have seen increased usage over traditional fiat currencies by consumers who value anonymity and security.
The patent also outlines a key issue associated with blockchain-based cryptocurrency transactions — namely, speed.