• Matt Shaw, Associate Partner at Synechron Business Consulting in London


• 23.10.2017 09:45 am
undisclosed

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 ensure 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 fulfills its promise and offers Mastercard lower operational costs and risks it could result in the demise of their existing networks.