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MasterCard Releases Blockchain API

 

 

MasterCard releases Blockchain API, an experiment to work on an emerging technology such as the distributed ledger.

So Visa won’t be the only credit card company to work on the blockchain.

But while Visa is releasing a B2B blockchain, MasterCard releases blockchain API with more collaborative objectives.

The MasterCard website now contains 3 APIs connected to its internal blockchain platform, including offerings based on smart contracts and payment settlement. Those APIs were created by MasterCard Labs, the innovation program of the credit card giant.

MasterCard blockchain lead Justin Pinkham explained that the company created the API platform in October to stoke interest among banks and merchants.

Pinkham explained to CoinDesk magazine:

“This is part of our initiative to publish experimental APIs from Mastercard Labs and give developers the chance to work on emerging technologies that haven’t yet been commercialized by us.”

Also, Pinkham explained that MasterCard company is continuing to work on technology use cases and it is looking for new partnerships that can be useful for the MasterCard’s business.

“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,” Pinkham commented.

This news is one of the most important for MasterCard company, who used to criticize bitcoin in the past.

But if MasterCard releases Blockchain API, this means that it is beginning to push some of the work done by its tech lab.

According to Pinkham it won’t be the last, as he said that the company is creating a new foundation for blockchain tech that will be focused on the distributed ledger use cases including inter-bank payments, trade finance, digital identity and also the exchange of know-your-customer information.

This work was possible also thanks to the new partnership between MasterCard and startups through its Start Path Global program, as well as 30 more blockchain-related patents that Pinkham explained the company submitted.

<img src="/images/mastercardreleasesblockchainapi.jpg" alt="MasterCard Releases blockchain api" height="264" width="350" />

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Amelia Tomasicchio