Mastercard is investing in the Blockchain Technology and it is searching the good ways to provide better services to the customers. The use of blockchain technology will provide a solution to make payment systems faster and globally. Blockchain is the biggest technological breakthrough since the internet and becomes the most hot topic in the tech sense. Thus, mastercard trust in the blockchain technology to improve its services as the rising number of fintechs and blockchain companies around the world is an important sign of the daily routine needs to innovate on a market as complex and critical as the financial one. With a big number of patents taking up Distributed Ledger Technologies, Mastercard trusts on blockchain as a powerful business tool.
One of the most important applications of blockchain technologies is identity verification systems. USPTO published an application that is very easy to check that Mastercard seeks to identify the false identities through a blockchain system hence, verifies the information much efficiently and faster by avoiding irregularities. Blockchain is a ledger that keeps record of each and every transaction, it also provide an accurate verification and also protect our data.
The ledger's transparent channels can help anyone know what data is reliable for use, where it came from, how to store it, who does the update and how to use it in an ethical manner. In 2017, the mastercard team also experiments with the Ripple network to further process the payment system, but the result was adequate. Recently mastercard also started recruitment process to create section which leads to the development of the blockchain technologies.
VISA the biggest competitor of mastercard has also made progress in this field and announced a B2B solution that is used in blockchain technologies to improve efficiency and transparency on all types of payments across the world. VISA is very excited to invest huge in blockchain technology.
Hence, mastercard is using this technology for making things cheaper, faster and transparent.