MasterCard created its own blockchain system for banking
MasterCard has developed a new service for banking operations based on blockchain technology, It News reports.
The benefits of the system would include accelerated processing of customers payments. MasterCard blockchain uses normal currencies, so there is no need to convert.
The service allows reducing the commission for international banking transactions. The payment that is already abroad, interacts with several banks, each of the bank charges commission. MasterCard blockchain eliminates this chain and makes payment much cheaper.
MasterCard representatives assure that such alternative payment service is a reliable and effective solution for individuals and businesses. The development should push other companies to create their own solutions, based on blockchain technology.
In 2016, several large banks (UniCredit, UBS, Santander, ReiseBank, ATB Financial and the National Bank of Abu Dhabi) launched a pilot project to make cross-border payments using the blockchain technology. Representatives of these banks believe that the technology will make banking transactions faster and safer.