Oct 21, 2017 at 13:28 // News

Lana Smiley Author

MasterCard is to open access to its insider blockchain via an API to allow for a seamless way to transact.

Mastercard is to open access to its insider blockchain via an API to allow for a seamless way to transact. They will do it at the Money 20/20 hackathon in Las Vegas next week.

It seems the Payment Card Giant decided to take up the lead of Android and others in the sphere of payments. They will open access to their blockchain via an API, which will allow banks and retailers to develop their own solutions of how to work within the network.

Mastercard has already tested its solution, and is definitely going to implement it in the business-to-business sphere, allowing for a seamlessly easy way of transacting between companies and other institutions. The new solution offers four key differentiators - privacy, flexibility, scalability, and, last but not least, the reach of the company’s settlement network.

A Step Closer to Worldwide Adoption

While even such a Giant of the traditional payment industry strives to go digital, it becomes obvious that blockchain is getting one step closer to overall adoption. Why not, indeed? The network offers incredible opportunities and ease. People won’t even need cards anymore! The result? Cost down - speed up. Everyone is happy!

The new Mastercard solution seems to be getting a really positive response from crypto-world experts. Matt Shaw , Director at Synechron told Coinidol:

"Mastercard's announcement that it will be opening up access to its blockchain technology via its API published on Mastercard Developers is very significant. It should not be dismissed as a "technology hedge" for Mastercard to ensure themselves against the threat of new entrants into the cross-border B2B payments market, such as Ripple.

Mastercard's announcement shows a real-world implementation of blockchain backed by a large, well-established global payment operator with the brand strength and extensive customer network to gain trust and adoption, furthering digitalization in the industry and bringing innovative emerging technology to a broader mainstream consumer base. In time, if the platform fulfills its promise and offers Mastercard lower operational costs and risks, it could result in the demise of their existing networks."

About Mastercard

Mastercard Incorporated (stylized as Mastercard) is a multinational financial services corporation. They operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. The company offers a number of products for various fields of business, as well as people’s everyday life, making payments seamlessly simple.