Blockchain technology continues its marathon to worldwide mass adoption, with the banking sector being one that looks to be disrupted the most. It is no secret that cross-border payments use an outdated method, which in-turn results in a slow, unreliable and expensive system. Blockchain looks to totally revolutionise the current systems and deliver a significantly better approach.
Credit provider Mastercard are the latest big name to officially jump on board with blockchain. They have announced they will be using R3’s Corda blockchain to facilitate “frictionless real-time payments”.
Peter Klein, executive vice president of New Payment Platforms for Mastercard explained that:
“Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard’s ambition. Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships, including our relationship with R3. It confirms our commitment to innovation, both home-grown and through partnerships and acquisitions, to support advances and innovation in the increasingly complex global payment infrastructure space”.
The partnership comes as welcomed news for crypto and blockchain enthusiasts. With speculation continuing that Visa will make a similar announcement in the not too distant future.