Mastercard’s Blockchain ‘Can Run the Whole of Its Network’, Says Mastercard’s Vice Chair

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Mastercard’s blockchain “can run the whole” of its network mentioned Ann Cairns, Mastercard’s vice chair, at the Money20/20 conference, reported Cointelegraph on June 4.

Cairns mentioned during her speech at the conference that Mastercard had voluntarily decided to create a blockchain integration “at scale” while focusing on identifying “real important use cases”.

During the conference, she explained,

“You just don’t replace existing technology with blockchain because you may not create a better user experience. So it’s finding that thing that it’s going to solve for you, and it may be proof of authenticity… or it could be things like global trade… you’ve got your paws on the technology but your jury’s still out about how instrument it’s going to be.”

It’s been a while since Mastercard is pursuing blockchain solutions as it hired 175 new blockchain specialists in last April.

The payment giant also expressed that it will use blockchain for identity protection and that it was open to a central bank-issued cryptocurrency later in April.

The company also announced that it is planning to reduce the time for a new node to be active on the blockchain at the beginning of May.

 

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