MasterCard International President has officially voiced her praise for Blockchain technology in the European News Site EurActive. Citing its potential in the remittance industry and in trade , she also hinted at potential intergration of the technology into services currently offered by the worlds largest payment processor.
Blockchain has always been explored as a basis for expansion in services already offered by giants such as Visa and MasterCard. The technology has been refeered to as extremely exciting and explosive technology which the giants have acknowledged is here to stay and will expand considerably over the next few years. As seen below Cairns has explained how the fluidity and flexibility of the Blockchain has handed itself many benefits over more traditional forms of transactions.
If you are a European supplier and you are buying silk from China, silk has to be shipped, and you also have letters of credit, and many people are involved in the transaction until the silk arrives to my store.
I can see that blockchain could be used in this space because anywhere you got logistic companies, finance companies, suppliers, buyers, all touching the same transaction, that is where having one version of the truth will be very useful.
-Ann Cairns MasterCard’s international president
Bitcoin has been explored in the past by the payments giant as in 2015 they were involved actively in encouraging and funding lobbying in 2014 to gain Bitcoin exposure. The digital Currency Group is one of the bigger crypto associated companies backed by MasterCard. We might see bitcoin gain considerable traction within the company so it may only be a matter of time before cryptrocurrencies are also intergrated into the current infrastructure. NairaEX is currently the biggest bitcoin exchange so head on over if you want to test out the perks Bitcoin can offer you or your business !
