In focus

Mastercard Launches Mastercard Blockchain

Mastercard announces Mastercard Blockchain, an API for developers to start building secure, flexible, and scalable blockchain applications.

Staff Reporter Oct 23, 2017

Mastercard just announced a new API for blockchain developers to start building secure, flexible, and scalable blockchain applications.

https://developer.mastercard.com/product/mastercard-blockchain

From the company definition:

Mastercard Blockchain facilitates new commerce opportunities for the digital transfer of value by allowing businesses and financial institutions to transact on a distributed ledger. Our technology can power multiple use cases and can help take time, cost and risk out of financial flows.

PROOF OF PROVENANCE

The cost of fraudulent goods is worth $1.4 Trillion globally. Leverage the Mastercard Blockchain and Authorization Network to easily track high value pharmaceuticals, art, luxury goods as they are created, transferred, purchased and re-sold. For example, use a Mastercard plastic card with a standard payment terminal to record that the asset arrived at a location on the Blockchain.

VEHICLE SERVICE HISTORY

Using the privacy feature of the Mastercard Blockchain, enable vehicle owners and authorized dealers to share vehicle information with each other privately in order to facilitate the payment. For example, an owner gets their car serviced, the garage writes details about the service (odometer reading, service type) to the Blockchain. With the Mastercard Blockchain, only the participating parties can see these details. When ownership is transferred to a new party, they can now see the entire service history.

P2P

The Person-to-Person global market opportunity is $16 Trillion. Take advantage of the Mastercard Settlement Network to transfer funds between banks. For example, when two parties agree to transfer funds they write a settlement request to the Blockchain. The Mastercard Settlement Network reads the Blockchain and will transfer the funds between two banks. It then writes a confirmation of transfer to the Mastercard Blockchain.

Mastercard Blockchain provides three APIs, Core API, Smart Contracts API, and Fast Pay Network API.

  • The Core API allows developers to run their own blockchain nodes, define own transaction types, and manage participation in a blockchain network.
  • The Smart Contract API allows developers to write custom scripts using Mastercard’s Smart Contract language for use in your custom blockchain applications.
  • The Fast Pay Network API understands your instantaneous net position, do real-time reconciliation, execute settlement and generate your own custom reports.

Staff Reporter
Staff Reporter

Staff contributor of Jumpstart Blockchain covering blockchain and related topics.

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