Mastercard has assembled a Blockchain that can run their entire system, it is vice chair seat Ann Cairns claimed during the progressing Money20/20 meeting June 4.
Speaking at the Amsterdam occasion, Ann Cairns said the company had intentionally opted to build up a blockchain integration “at scale” while expressing the need to distinguish “real use cases.”
“You just don’t replace existing technology with blockchain because you may not create a better user experience,” she clarified.
“So it’s finding that thing that it’s going to solve for you, and it may be proof of authenticity… or it could be things like global trade… you’ve got your paws on the technology but your jury’s still out about how to instrument it’s going to be.”
Regardless of the early stages of uptake across legacy finance, MasterCard has been currently seeking after blockchain solutions with regularly expanding insatiability.
In April, the big payment system published a patent for optimizing blockchain development by accelerating the rate at which nodes confirm data.
A slowdown in the company’s development in Q1 2018 was even specifically ascribed to the drop in the price of significant cryptocurrencies and subsequent curtailing of trading activity.
“This is due to the recent drop-off in crypto wallet funding,” CFO Martina Hund-Mejean said during an earnings call June 2. “We expect cross-border growth to moderate somewhat.”