Credit card companies are the old pillars of the financial services sector. Credit cards are the first public cashless payment option available. Now, one of the world’s leading financial services companies has decided that it’s time for credit cards to jump into Blockchain technology. On Friday, MasterCard announced that it opens access to Blockchain-based business-to-business (B2B) payment services with a new option called “Danish Blockchain API”.
This option was launched during the 20/20 Hackathon Money in Las Vegas this past weekend. After testing and validation is completed, this service is scheduled to be available to customers this week. The MasterCard’s Blockchain Solution provides a new way for consumers, businesses and banks to transact and is key to corporate strategy to provide payment solutions that meet the needs of their financial institutions and end customers.
By combining MasterCard Blockchain technology with agreed networks and related network regulations, we have created secure, secure, auditable, and easily measurable solutions, “said Ken Moore, executive vice president of MasterCard Labs.
“When it comes to payments, we want to give our partners choice and flexibility where they can use our new payment method correctly based on their customers’ needs and requirements,” he added.
MasterCard says its Blockchain provides privacy by ensuring that the details of the transaction can only be known by the participants in the transaction while still keeping the transaction book completely auditable and valid. However, they still allow partners to use Blockchain APIs with other MasterCard APIs.
Because Blockchain MasterCard is designed for commercial processing speeds, they say can process more scale than others, with Blockchain integrated into 22,000 corporate financial institutions. With a strong payment network, users can conduct transactions within a wide range through MasterCard.
With the influx of financial giants like MasterCard in the world of Blockchain, the predictions mentioned by previous experts seem to be a reality. Blockchain changes the way we do things – especially financial transactions. Recently, the Bill & Melinda Gates Foundation opened a payment platform that caters to those who do not have access to traditional financial services.
The Blockchain revolution, however, is clearly not limited to the financial world. Industries such as health, aviation, energy, diplomacy, and education also explore Blockchain in order to be a solution that suits their needs. There is even a possibility of new internet will also be supported by Bblockchain.
In a nutshell in the information age, a safe but traceable tracking method for storing data is in great demand, especially with the many hackers and recent security annoyances. Blockchain solutions may be appropriate to the needs of the world.