MasterCard is one of the corporations that is big on digitalization and innovation. Currently, with around 90 of the biggest corporate giants in the world, like Google and Goldman Sachs, who are heavily investing in blockchain, MasterCard is to roll out blockchain API.
According to Finextra, MasterCard has already filed for 35 blockchain patents and has supported the Digital Currency Group, which is all about blockchain, bitcoin and digital currencies innovation.
The idea here is for MasterCard to open its in-house blockchain technology to banks and retailers through an API. The company has already added a core blockchain API, fast pay network API and smart contracts API, as reported by Finextra.
Numerous industries are now using blockchain, from the real estate sector to healthcare. Almost all of them do it for three primary reasons: transparency, speed, cost optimization. MasterCard is no exception. The company will explore the new technology in the B2B sector in order to leverage its position as a transparent, cost competitive and fast operator.
Finextra reported the comment by MasterCard Labs’, the innovation “body” of MasterCard, executive vice president, Ken Moore:
“By combining Mastercard blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale. When it comes to payments, we want to provide choice and flexibility to our partners where they are able to seamlessly use both our existing and new payment rails based on the needs and requirements of their customers.”