Mastercard is looking to expand its offices based in Dublin, Ireland, with 175 new technology developers recruited for roles such as blockchain experts, software engineers and information security specialists.
Mastercard is confident that blockchain technology is the future in regards to security and integrity within financial systems. This is displayed by the array of blockchain-related patents that they have acquired in an effort to make the best of payment innovations.
Back in 2016, Mastercard released some preliminary APIs, Blockchain Core API, Smart Contracts API and Fast Pay Network API. The implementation of blockchain technology is set to change the way in which consumers pay for goods and services.
Mastercard, like Santander with its blockchain phone app, will be working alongside San Fransisco-based technology Ripple to realize its blockchain future.
Mastercard’s view for blockchain purchases
It has been estimated that up to USD 1.4 trillion worth of fraudulent goods are circulating globally. This affects companies and individuals financially and could pose health and safety risks.
The Mastercard Blockchain and Authorization Network sets out to provide proof of provenance for goods. It plans to track anything from vehicle parts, pharmaceuticals, art, electrical items and luxury goods as they are created, transferred, purchased and re-sold, to prevent fraud.
Blockchains privacy will allow vehicle owners and registered dealers to share vehicle information with each other privately. Service history can be encoded into a smart contract, containing details such as the mileage, service type and stored irrefutably on the blockchain. Pre-purchase vehicle checks will be simpler: after gaining permissions to view private data, buyers can access service history, previous owner details and car details.
The person-to-person global market – worth over USD 16 trillion – could use blockchain for faster, more secure payments with the ability to set release parameters for balances and generate custom reports on transactions.
The blockchain future is coming
Ireland is among 21 other European Union countries pushing for a wider adoption of blockchain technology in the region.
In 2016, Justin Pinkham, blockchain lead at MasterCard, said, “We believe that there is a role of blockchain in the future of commerce. This future needs to be developed in partnership with banks, merchants, and industry participants.”
Mastercard believes Dublin is a key technology hub and that future development isn’t only limited to payments, having tested pay-as-you-go solar energy provision in Africa.