Mastercard to Open Up its Internal Blockchain API

Global payments company Mastercard has announced that it will be opening up its internal blockchain API to developers.

According to the company, "Mastercard’s blockchain solution provides a new way for consumers, businesses and banks to transact and is key to the company’s strategy to provide payment solutions that meet every need of financial institutions and their end-customers."

Mastercard says that its blockchain API will complement its existing offerings and is initially targeted at business-to-business applications, including non-card payment transactions and cross-border transactions for trade finance. The company also highlighted the fact its blockchain solution has non-payment applications, "such as proof of provenance that helps authenticate products across the supply chain."

Mastercard boasts that its blockchain solution offers privacy, flexibility, scalability and reach. Regarding the latter, the company notes that its blockchain "is integrated into the company’s payment network" so the new API will enable developers to build applications that move funds across the 22,000 institutions in Mastercard's network.

While the future of blockchain-based cryptocurrencies like Bitcoin is still hotly debated, a growing number of traditional finanical services players like Mastercard are building blockchain solutions and opening them up to developers, suggesting that blockchain technology is here to stay.

To help spur adoption of its new API, Mastercard will be featuring it at the Money20/20 hackathon in Las Vegas next month.

Be sure to read the next Blockchain article: Mobius API Network Connects Apps to the Blockchain Ecosystem

 

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