Mastercard Still Betting on Blockchain Despite Pulling Out from Facebook’s Libra
Mastercard recently pulled out of the Libra Association, along with Visa and PayPal; however, it has been reported that the payment processor is not giving up on blockchain.
On Oct. 30, according to Reuters, Mastercard beat Wall Street’s estimates for quarterly profit during an economic slump and continued to spend more on their credit cards, as the dollar value of transactions processed rose 12.4% to $1.65 trillion in the third quarter of this year.
Despite abandoning development efforts with Libra, Sachin Mehra, the Chief Financial Officer of Mastercard, said that the company would instead develop initiatives on its own. He said:
“We’re very engaged on the blockchain technology. Much like a lot of other companies we believe the technology has the capability to solve a lot of pain points. It still needs to be proven at scale depending on the use case and question.”
Mastercard has recently collaborated with Envisible, a supply-chain company, to allow the traceability of the origin of food products using Mastercard’s blockchain-based Provenance Solution.
Mastercard has ranked in the top 3 among top blockchain innovators globally, with over 100 blockchain patents filed. Mastercard’s Provenance Solution is industry-agnostic and allows brands to provide record product journeys to contribute to consumer confidence, trust, and awareness. The Provenance Solution also provides governance capabilities for supply chain networks.
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