1. BITBILIHome
  2. Article

Mastercard announces plan to launch its blockchain

• 262 views

TL;DR Breakdown

  • Mastercard has announced plans to launch its multi-token network blockchain this summer.
  • The company wants to prioritize security in its test version.

Description

Mastercard, the renowned payment processor, has announced its foray into blockchain technology with the upcoming launch of a test version of its Multi-Token Network (MTN) this summer. The beta release of MTN is set to take place in the United Kingdom, marking a significant step in Mastercard’s blockchain push. Mastercard is set to launch the … Read more

Mastercard, the renowned payment processor, has announced its foray into blockchain technology with the upcoming launch of a test version of its Multi-Token Network (MTN) this summer. The beta release of MTN is set to take place in the United Kingdom, marking a significant step in Mastercard’s blockchain push.

Mastercard is set to launch the test network in the summer

Raj Dhamodharan, the head of crypto and blockchain products at Mastercard, expressed in a letter that MTN would serve as a testbed for developing live pilot applications and use cases in collaboration with financial institutions, fintech, and central banks. This initiative aims to explore the potential of Mastercard’s permissioned blockchain in transforming its payment capabilities.

Mastercard’s strategy revolves around enticing developers to build on its permissioned blockchain platform. The company believes that by positioning its blockchain as a reliable infrastructure, it can attract developers to leverage its capabilities for various applications. MTN is expected to expand its reach to more global markets, contingent upon establishing additional partnerships.

To kickstart the development process, the firm has promoted the MTN Innovation Sprint, inviting teams to participate. Selected teams will gain access to MTN’s capabilities and begin building applications on the platform. Developers will be encouraged to create apps on M permissioned blockchain, which is built on the Ethereum network, as reported by Fortune. Initial applications on the platform will involve “tokenized bank deposits,” providing a starting point for exploring the potential of digital assets within the banking sector.

Tokenized bank deposits have been gaining traction among central banks and commercial banks, with institutions like JPMorgan Chase showing interest in this concept. MTN will leverage its transaction verification tool, known as the Mastercard Crypto Credential, which was initially designed to enhance safety and facilitate secure transfers of tokens and assets. The tool utilizes aliases to simplify sharing wallet addresses and employs metadata to define wallet attributes, thereby preventing unintended transactions from occurring.

The company is prioritizing security in the test version of the network

In light of recent high-profile exploits in the crypto space, Mastercard underscores the importance of safety in token transfers and asset management. Notable incidents, such as the $200 million Euler hack in March and the $160 million Wintermute hack, have highlighted the need for robust security measures within the blockchain ecosystem. By prioritizing safety and implementing tools like Mastercard Crypto Credential, Mastercard aims to provide users with a secure environment for managing and transacting digital assets.

Mastercard has also entered into partnerships with several prominent crypto exchanges, including Binance, Bit2Me, Bitso, and Bybit. These collaborations enable the issuance of debit or prepaid cards that allow users to make purchases using their digital assets, further bridging the gap between traditional financial systems and cryptocurrencies.

As Mastercard prepares to launch the test version of its Multi-Token Network, it demonstrates the company’s commitment to exploring the potential of blockchain technology in revolutionizing the payments landscape. By leveraging its permissioned blockchain and fostering collaborations with industry stakeholders, Mastercard aims to enhance its offerings while prioritizing the security and integrity of digital transactions. As the blockchain ecosystem continues to evolve, such initiatives contribute to the broader adoption of digital assets and the establishment of a robust infrastructure for the future of finance.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Mastercard announces plan to launch its blockchain

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月2日 14:50
Next 2023年7月2日 17:04

Related articles

  • The U.S. is never going into recession – Here is why

    TL;DR Breakdown U.S. Treasury Secretary, Janet Yellen, asserts the U.S. economy is on a good path and doesn’t expect a recession. U.S. is controlling inflation effectively and the labor market remains strong despite global concerns. No immediate plans for U.S. tariff reductions as part of efforts to normalize relations with China. Description As global markets continually adjust to fluctuating economic conditions, there is a palpable fear of a looming recession. However, it seems the U.S. has found a way to keep such economic downturns at bay. The country’s economic fortitude, highlighted by Treasury Secretary Janet Yellen’s recent optimistic comments, paints a picture of an American economy not … Read more As global markets continually adjust to fluctuating economic conditions, there is a palpable fear of a looming recession. However, it seems the U.S. has found a way to keep such economic downturns at bay. The country’s economic fortitude, highlighted by Treasury Secretary Janet Yellen’s recent optimistic comments, paints a picture of an American economy not only weathering international financial turmoil but also setting the stage for continued growth. U.S. is…

    Article 2023年7月18日

  • Coinbase (COIN) continues strong performance amid regulatory pressure

    TL;DR Breakdown Coinbase’s stock price rises by nearly 6% despite SEC lawsuit concerns, reflecting investor confidence. The company repurchases $64.5 million worth of Convertible Senior Notes at a discount, showcasing its commitment to shareholder value. Coinbase reports a smaller net loss and a surge in subscription revenue, indicating a rebound after a challenging year. Description Coinbase, the largest cryptocurrency exchange in the United States, saw its stock price climb nearly 6% over the past week, defying the overhang of the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC). Despite regulatory uncertainties, Coinbase’s stock closed the week’s session at $55.59, marking a 5.93% increase. Since the SEC’s announcement of … Read more Coinbase, the largest cryptocurrency exchange in the United States, saw its stock price climb nearly 6% over the past week, defying the overhang of the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC). Despite regulatory uncertainties, Coinbase’s stock closed the week’s session at $55.59, marking a 5.93% increase. Since the SEC’s announcement of the lawsuit on June 6, the stock has risen more than 7%,…

    Article 2023年6月21日

  • Superconductor Discovery Sparks Crypto Frenzy: The Rise of LK-99 Memecoins

    TL;DR Breakdown The discovery of LK-99, a material reported to exhibit superconductivity at temperatures up to 400K (127°C), has sparked a surge in the creation of LK-99-themed memecoins in the crypto market. While the scientific community awaits independent verification of the LK-99 results, the future of these memecoins remains uncertain. Description In the ever-evolving world of technology and finance, a new trend has emerged that has captured the scientific community’s and cryptocurrency markets’ attention. The discovery of a new superconducting material, LK-99, has sparked a flurry of activity in the crypto space, creating a cluster of LK-99-themed memecoins. This article delves into the details of this … Read more In the ever-evolving world of technology and finance, a new trend has emerged that has captured the scientific community’s and cryptocurrency markets’ attention. The discovery of a new superconducting material, LK-99, has sparked a flurry of activity in the crypto space, creating a cluster of LK-99-themed memecoins. This article delves into the details of this phenomenon, exploring the science behind LK-99, the rise of related memecoins, and the potential implications for…

    Article 2023年8月7日

  • Bitget registers influx of Latam users amid SEC’s regulatory clampdown

    TL;DR Breakdown Bitget has registered an increased inflow of users over the last few days following SEC’s issues with Binance and Coinbase. Increased adoption in Latin America drives market share growth upwards. In the wake of legal actions taken against major cryptocurrency exchanges Binance and Coinbase by United States regulators, Bitget, a prominent crypto exchange, has experienced a significant increase in new accounts from Latin America. This surge in user sign-ups has been particularly notable in Brazil and Argentina, leading to substantial market share growth for Bitget in the region. Bitget registered 87% of new users in the last few days According to Bitget, the number of new clients in Brazil skyrocketed by 54%, accompanied by a remarkable 208% surge in total deposits. Similarly, in Argentina, the customer base witnessed a growth of 33%, while funds deposited expanded by an impressive 87%. Bitget also operates in other Latin American countries, including Venezuela, Colombia, and Mexico. Over the past few days, the exchange’s total deposits in the region rose by a staggering 134%. Bitget, with a global clientele of over 8…

    Article 2023年6月13日

  • Tether emerges as a key Bitcoin holder fueling market speculation

    TL;DR Breakdown Tether has ranked as a major Bitcoin holder across the world fueling market speculation. The implication of the company’s role in the crypto landscape. Description In a significant development, Tether, a prominent stablecoin issuer, has quietly risen to become the 11th largest holder of Bitcoin globally. This revelation has ignited curiosity and speculation within the cryptocurrency market regarding the potential impact the firm could wield. While Tether has refrained from officially disclosing its Bitcoin addresses, Tom Wan, a research analyst … Read more In a significant development, Tether, a prominent stablecoin issuer, has quietly risen to become the 11th largest holder of Bitcoin globally. This revelation has ignited curiosity and speculation within the cryptocurrency market regarding the potential impact the firm could wield. While Tether has refrained from officially disclosing its Bitcoin addresses, Tom Wan, a research analyst at 21.co, claims to have identified an address that is potentially linked to the firm. Tether address holds about $1.6 billion Bitcoin This Tether address is said to currently hold approximately 55,022 bitcoins, with an estimated value of around $1.6…

    Article 2023年8月6日
TOP