Mastercard, a technology company in the global payments industry, announces that it will be "opening up access to its blockchain technology via its API. As reported, the Mastercard blockchain API will be part of the Money 20/20 hackathon in Las Vegas next week.
The company has tested and validated its blockchain 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. The Mastercard blockchain technology will complement the company’s existing capabilities including virtual cards, Mastercard Send and Vocalink to support all types of cross-border, B2B payment flows – account-based, blockchain-based and card-based.
From Mastercard press release
The four key differentiators of the Mastercard blockchain are listed below:
- Privacy – Mastercard blockchain provides privacy by ensuring that transaction details are shared only amongst the participants of a transaction while maintaining a fully auditable and valid ledger of transactions.
- Flexibility – Partners can use the blockchain APIs in conjunction with a wider suite of Mastercard APIs to create a range of powerful, new applications. Software development kits are available in six different languages to make the APIs even easier to integrate.
- Scalability – Mastercard blockchain is designed for commercial processing speed and extensibility by reaching consensus between a trusted network moderator and network participants.
- Reach – Mastercard blockchain is integrated into the company’s payment network that includes 22,000 financial institutions to move funds that have been committed on the blockchain.
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.
Executive vice president, Mastercard Labs
Further, Mastercard also highlighted its efforts to seek intellectual property rights around its uses of the tech, as well as its work with the Enterprise Ethereum Alliance on use cases "well outside the scope of Mastercard's traditional payments environment".