The payment giant has opened its blockchain APIs to developers to advance work on cross-border transactions.
Mastercard has opened its blockchain technology to developers, allowing financial institutions and merchants to selectively start testing their own blockchain-based solutions.
In a video prepared by Mastercard, Ricardo Sota, manager of Payments Innovation Mastercard Labs, said that the company decided to create its own technology to test whether blockchain will in fact transform the way organizations transfer and share value with each other.
“MasterCard’s blockchain technology is an authorized block chain, which will allow participants to maintain scalability and performance. The details of the transaction will only be seen by those who are participating in that transaction, “explained Sota in the video.
According to Mastercard, its technology has four key differentiators for others in space, spanning privacy, flexibility, scalability and the reach of the company’s network of settlements.
Beyond card transactions, Application Programming Interfaces (APIs) can be used for payment, supply chain, and business finance operations. Sota expects developers to also play with unpaid transactions as proof of purchase or authenticity.
The payment giant has initially validated blockchain for business-to-business (B2B) space to address the challenges of speed, transparency and costs in cross-border payments.
“By combining MasterCard’s blockchain technology with our settlement network and associated network rules, we have created a solution that is secure, auditable and easy to scale,” said MasterCard Labs executive vice president Ken Moore.
“With regard to payments, we want to offer options and flexibility to our partners to be able to use our existing and new payment lanes without problems, according to the needs and requirements of their customers,” concluded the manager.