Expert Insight: Mastercard Open Up Access to Blockchain Technology

  • 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.

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