MasterCard Announces Blockchain B2B Payments Despite Rejection of Bitcoin
Blockchain-based B2B payment plans announced by MasterCard, as the company follows along with the rest of the industry.
MasterCard recently announced a way for businesses to make direct business to business (B2B) payments over their Blockchain technology-based network. The company has dubbed its offering “MasterCard Blockchain API,” and it will be debuted at the Money 20/20 Hackathon in Las Vegas in a few days.
Testing and validation have been completed, and the tech will officially be ready for customers’ use beginning next week. The announcement is a bit ironic after the company’s wholesale rejection of Bitcoin. I guess as the old saying goes, “monkey see, monkey do.”
Blockchain technology has been raised as an excellent option for B2B transfers for a multitude of reasons. Blockchain transfers are fully private and secure, while at the same time offering flexibility and scalability for business transactions. According to one executive:
“By combining Mastercard Blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale.”
While the solution is a major coup for Blockchain technology in general, the credit giant’s announcement may be seen as copycatting the technology of other systems and platforms. Blockchain technology has, until the past couple of years, been relegated to the fringes of the tech conversation. The sudden interest and application from enterprise-level corporations shows an awareness of the power of the systems already designed by other companies.
You may be interested
Blockchain Unlocks Consulting Model for Experts of All Kinds, Worldwidebtcethereumadmin - November 23, 2017
Consultants are vital to many businesses, and Blockchain can connect clients to untapped experts worldwide. Quality consultants are key to…
Keiser Envisions $100,000 Bitcoin Highbtcethereumadmin - November 23, 2017
Max Keiser is hopeful that Bitcoin could rise to $100,000 in the future, asserting its dominance as the father of…
Price Analysis, November 22: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoinbtcethereumadmin - November 23, 2017
Here’s a trading review on top cryptocurrencies. The views and opinions expressed here are solely those of authors/contributors and do…