Mastercard blockchain move to help industry: Synechron exec

Synechron director Matt Shaw sees Mastercard’s recent announcement that they will be opening up access to its blockchain technology through its API published on Mastercard Developers as a significant move.

He explains why below.

Matt Shaw

“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 insure 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 fulfils its promise and offers Mastercard lower operational costs and risks it could result in the demise of their existing networks.”