MasterCard introduced in the year 2016 an application for a payment system, Blockchain and Fiat to combine the payments with each other. This Patent has now been approved.
As you can see in a patent application, plans MasterCard, apparently, to establish itself as a payment service provider for cryptocurrencies. According to your request, you want to establish a System to connect to the “block chain-based Assets” with “Fiat currency accounts”. So you want to create a way to store “parts of Blockchain currencies” in a “first Account” and a certain amount of Fiat in a “second Account”.
Specifically, MasterCard wants to build a System to integrate crypto payments into their existing payment system:
As you can see from the graph, the System provides for a step that is called “Encode the Network Identifier”. Thus, the payment service provider is hoping, apparently, in the case of transactions retroactively determine who the people are behind the respective transaction. The request was published in the November 2016, at the 17.07.2018 you gave him in the end.
MasterCard, Bitcoin & the Blockchain: It’s complicated
MasterCard is approaching the Blockchain technology from all sides. In a further Patent, the company released plans to improve use of the Blockchain for the protection of customer data. In November last year, the world’s second-largest credit card announced company plans to use the Blockchain as a tool for the improvement of payment processing.
Apparently, the company realized the Potential of the Blockchain technology and crypto-currencies. In contrast, it is expressed in an open letter to the British government from the year 2015, there is still considerable doubt as to Bitcoin:
“We doubt that the Bitcoin network should be compared to the MasterCard network faster and safer. Not least because the verification for a Block in the Bitcoin network takes an average of around ten minutes, and because the digital currency is much more vulnerable to hacker attacks.“
Another point of criticism from the then-open letter (which appeared almost simultaneously with the first patent design): Bitcoin to the Blockchain interface, not between the dealer, the make, the technology more risky than assumed. With the current push by MasterCard are successful, apparently, to fix the own doubts and to get a foot in the door between the Blockchain, Bitcoin and Fiat currencies. The question remains whether companies from the Blockchain-industry such as TenX, or Bitwala will follow.