Mastercard is researching different use cases of blockchain technology to improve products and services. The company aims at increasing general efficiency in all of its operations. The investigation is being conducted by the research and development wing of the company. The Irish Times informed about the work that the company is currently doing.
Mastercard Innovates with Blockchain Technology
One of the largest payment processing companies in the world is testing blockchain technology. Blockchain provides security, transparency, traceability, and efficiency. With these features, it would be possible to create new services and products. Additionally, processes can be enhanced, reducing costs and increasing efficiency.
Mastercard Labs has been working not only with blockchain technology but also with artificial intelligence and machine learning.
Ken Moore, Mastercard’s head of research and development is in charge of the work being performed by the company. The innovations created by Mastercard allow it to remain influential in the market and competitive.
About the investments the company is doing, Moore commented:
“We build new products for Mastercard globally out of Dublin so we incur the costs for that in Ireland even though the services we provide are global.”
In the past, the research and development team created the QKR application. Some firms such as Wagamama and Identity Check are already using this app. The product that provides biometric identification has been relevant in the ID field.
At the moment, Mastercard Labs has over 400 individuals working. However, the company is searching to increase the number of employees in Ireland almost 45%. The main goal is to reach 575 workers at the company. Some of the key roles will be blockchain developers, data scientists and cloud computing specialists.
Nonetheless, this is not the first time that Mastercard uses blockchain technology. Earlier this month, we wrote at UseTheBitcoin that Mastercard was working with blockchain to track consumer payments. We informed that the U.S. Patent and Trademark Office published several patent applications filed by Mastercard.
American Express, for example, is also using different blockchain solutions. This firm might start to use Hyperledger technology and power its loyalty rewards program.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.