MasterCard All Set to Roll Out Blockchain API
MasterCard is to soon allow access to its in-house blockchain technology platform. This will be done via an API that is to be made available to developers at various banks and retailers. The global payments company has filed for over 35 patents in blockchain and invested in Digital Currency Group. Digital Currency Group is a collaborator that builds, incubates and seeds Bitcoin and blockchain technology-related companies.
The card scheme in October last year had added three provisional blockchain APIs to its developer platform: core blockchain API, smart contracts API and fast pay network API.
According to Mastercard, they have now tested and validated its permissioned ledger and will initially implement the technology in the business-to-business (B2B) space to address challenges of speed, transparency and costs in cross-border payments.
Furthermore, the platform has been engineered to address non-card payment transaction such as B2B payments and trade finance transactions complemented by built-in proof-of-provenance to authenticate products across the supply chain.
Ken Moore, executive vice president, Mastercard Labs speaking about the new blockchain technology said,
“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. This will allow them seamless use of both; our existing and new payment rails based on the needs and requirements of their customers.”