MasterCard to develop blockchain APIs

The move come s in the light of Visa’s recent launch of a new platform for cross-border B2B payments called Visa B2B Connect based on blockchain technology. MasterCard’s development site now features three APIs connected to its internal blockchain work, including offerings focused on smart contracts and payment settlement. The APIs were released by MasterCard Labs, its innovation outfit. Applications focused on digital identity and the exchange of know-your-customer information are also being explored.

MasterCard blockchain lead said the company released its API platform in September 2016 in a bid to stoke interest among banks and merchant developers. Furthermore, the company is continuing to pursue uses of the technology while at the same time advocating for collaborations that might apply to MasterCards businesses.

According to CoinDesk, the news is significant for MasterCard, which has criticized Bitcoin (the longest-running public blockchain) in the past but expressed cautious enthusiasm about its underlying technology.