As Visa was playing with the idea on moving on blockchain, MasterCard could not remain behind a came up with APIs.
Visa is active on this field to release separately a B2B blockchain, while MasterCard seems to be developing a set of new APIs with this technology with more collaborative goals. The well-known credit card provider now features three APIs in connection to its internal blockchain work. These include offerings focused on smart contracts and payment settlement. The APIs were released by MasterCard Labs, its innovation outfit.
MasterCard blockchain lead Justin Pinkham informed that the company released its API platform last month in a bid to stoke interest among banks and merchant developers. Pinkham stated that the company is continuing to pursue uses of the technology while at the same time advocating for collaborations that might apply to MasterCard’s businesses.
“We believe that there is a role of blockchain in the future of commerce. This future needs to be developed in partnership with banks, merchants and industry participants,” he said.
The news is perhaps the most significant to date for MasterCard, which has criticized bitcoin (the longest-running public blockchain) in the past but expressed cautious enthusiasm about its underlying technology.
But with the launch of the APIs, MasterCard is beginning to push some of the work done by its internal teams out the door. As Pinkham states, it won’t be the last, adding that the company is creating the foundation for blockchain tech that could focus on use cases including inter-bank payments and trade finance. Applications focused on digital identity and the exchange of know-your-customer information are also being explored, according to Pinkham.
The work coincides with collaborative efforts between MasterCard and startups through its Start Path Global program, as well as the more than 30 blockchain-related patents Pinkham said the company has submitted to date.
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