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.
[caption id="attachment_67137" align="alignleft" width="209"] Matt Shaw[/caption]“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.”