Mastercard’s block chain service can be used to erase credit card transactions, eliminate management-associated tasks through the use of smart contract rules, and accelerate settlement in transactions.
“We have succeeded in creating a solution that is secure, auditable and easily scalable,” said Ken Moor, executive vice president of Mastercard Labs . The company has already left to the developers the Mastercard Blockchain API for all those who wish to integrate it in the development of their applications.
The MasterCard blockchain is now a private, permission-based network, meaning that only those authorized to participate in transactions can view them. In this way, Mastercard joins the group of organizations associated with financial services that have implemented cross-border payment networks based on blockchain.
Last week IBM also partnered with a Polynesian payment system provider and a FinTech open source payment network to implement a new international exchange based on a blockchain electronic payment . It uses the IBM cloud to allow electronic exchange of 12 different currencies in the Pacific, New Zealand and UK islands.
The MasterCard Blockchain is integrated into the company’s payment network which includes 22,000 financial institutions to move funds. MasterCard’s financial services and customers will be able to connect to your blockchain network using an API . Banks and retailers that are part of the network will be able to add their own internal nodes to scale their capabilities.
MasterCard’s blockchain solution has the ability to drive secure and uncomplicated cardless payment transactions, such as B2B payments and commercial financing operations. It can also enhance non-payment solutions such as provenance, which helps to authenticate products in the supply chain.
With this patented solution, Mastercard hopes to create new benefits for its partners and make the business ecosystem simpler, faster and safer. In addition to creating a new solution, the company has also applied for more than 35 patents in blockchain and has invested in Digital Currency Group , a developer that builds, incubates and drives companies related to Bitcointechnology and blockchain. He recently joined the Enterprise Ethereum Alliance to explore the possibilities of Ethereum technology in a wide range of potential uses, many of which are beyond the reach of the traditional Mastercard payment environment. In addition, the company is also working on new use cases, with startups that are part of the Start Path Global program.