Mastercard Vice Chairman Anne Cairns claimed at the ongoing Money20/20 conference that Mastercard has “built a Blockchain that can run the whole” of its network.
In a talk at the Amsterdam conference, Ann Cairns said that Mastercard had deliberately decided to develop a blockchain integration “at scale” to be able to identify real use cases.
She explained that they did not want to just replace their existing technology with blockchain because they were not sure if it would create a better user experience, adding that:
“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 instrument it’s going to be.”
In the past months, Mastercard has actively pursued blockchain solutions for their platform. Last April, the firm published a patent for fast-tracking blockchain growth by speeding up rates at which nodes verify data.
Mastercard even attributed a slowdown in growth in Q1 2018 to a drop in prices of major cryptocurrencies and the curtailing of crypto trading.