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MasterCard has opened access to its Blockchain technology through its API, which will be first aimed at improving business-to-business transactions.
MasterCard has embraced the Blockchain with the release of its newest API, which has been designed for use in business-to-business transactions and could later be rolled out for use by end-customers.
Chaiti Sen, MasterCard’s Director of Product Communications, confirmed that the company’s Blockchain API will complement the firm’s existing technologies such as virtual cards, MasterCard Send, and Vocalink with the view of supporting cross-border business-to-business transactions.
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The MasterCard Blockchain launches with the principles of Privacy, Flexibility, Scalability, and Reach – the Blockchain shares transaction details only between participants, and will be integrated into MasterCard’s payment network which includes some 22,000 financial institutions.
While the API can be leveraged for payment solutions, the system could also be used to help authenticate products on a supply chain through proof of provenance.
Beyond the release of its API, MasterCard has further filed over thirty-five patents in Blockchain, and recently joined the Enterprise Ethereum Alliance in a bid to explore use cases outside the score of the firm’s traditional payments environments.
The news comes after rumour indicated that the company had filed patents for a Blockchain-based Settlement System – an application published by the United States Patent and Trademark Office revealed that MasterCard had outlined a solution for a “uniform settlement system”.
Another patent revealed that the firm has made further investigations into providing refund services for cryptocurrency users.
The public release of the company’s BlockChain API, while limited to business-to-business transactions at present, could be a strong indicator that the firm is readying a move into peer-to-peer payments using popular cryptocurrencies
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