Mastercard Opens Blockchain Platform to B2B Applications

“…Mastercard said its blockchain technology will “initially” be offered for B2B applications, where it can help to track not only transactions but also supply chains, with a ‘proof of provenance’ capability built into the system.”

Mastercard is taking a big step into blockchain with its new announcement that it will open access to its own blockchain API to third party developers.

The company’s blockchain ledger system ensures that the participants of a given transaction share their personal information only between themselves, and not third parties, helping to ensure a high level of privacy. And given that it’s integrated into Mastercard’s 22,000-member payment network of financial institutions, it may turn out to be one of the most widely-supported blockchain platforms going.

In a statement announcing the move, Mastercard said its blockchain technology will “initially” be offered for B2B applications, where it can help to track not only transactions but also supply chains, with a “proof of provenance” capability built into the system. But given all the buzz about blockchain in FinTech right now, Mastercard will likely be keen to extend this technology to consumers soon.

Mastercard’s blockchain APIs are, of course, available through its Mastercard Developers platform, alongside its various other API available to help the development of third party apps and services. And Mastercard says its blockchain technology will be involved in the Money20/20 Hackathon at next week’s FinTech event in Las Vegas.