MasterCard Plans to Put Credit Cards on Public Blockchain

13.06.18 12:41
News

On the 8th of June, Mastercard (a giant financial services corporation) has released a statement, saying that it will use the infamous blockchain technology. As for the justification, Mastercard explained that it came up with the solution, which would help to easily verify clients’ payment documents. Upon the press release, it became clear that the company is on the way to drastically change its operating principles with the help of such a revolutionizing technology.

The Way It Works

In its nature, the new method is going to be two-way. First of all, it will decipher the payment card and keep it on the blockchain after encrypting it with both private and public keys. Secondly, the system will use the indicated private keys upon a retrieval request, thereby checking the image by decrypting it. In a way, everything is pretty self-explanatory as the company’s official don’t hesitate to claim: after the users would start to see the real-life impact, there wouldn’t be any concerns left behind.

Forecasting the Impact

By ultimately integrating the public blockchain into its services, Mastercard believes that the transactions would become more transparent and secure: the users simply would not have to worry about the payment credentials being stolen. At the same time, Mastercard ensures its customers that the credit card would not have to be physically presented anymore, which seems quite convenient. Because around two billion dollars are being lost due to card skimming, it makes a perfect sense for Mastercard to combat the existing notion with the innovations from the crypto-world.

Conclusion

Since the report is widely available to the experts of the industry, it gives the users a chance to see all the advantages and disadvantages of the company’s plans. To this end, it’s no wonder that the topic is yet to be studied, although the real-life implications of blockchain are getting more and more apparent on the regular basis. Still, the integration is only yet to come.  

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