June 4 at the conference Money20/20 in Amsterdam Vice-President of Mastercard’s Ann Cairns (Cairns Ann) announced that the company has created the blockchain, which “can manage” their entire network.
Ann Cairns was a speaker at the conference and talked a lot about how the company implements the blockchain technology in your business. Mastercard consciously apply it on a large scale, expressing the need to define real use cases.
“You can’t just replace the existing technology of the blockchain, because it may not improve the user experience,” explained Cairns. “It’s the thing that can help to solve some problems, for example, serve to validate… or something to relate to global trade… You’re already holding the technology, but you’re still not clear how this tool should work.”
Despite its conservative approach to financial issues in the early stages, now Mastercard is showing increasing interest in blockchain solutions. In April, the payment giant has patented a method of quickly connecting new nodes to the block chain, accelerating the validation process recorded their transactions. Another company obtained the patent describes a new method of personal data protection on the basis of the blockchain.
Interestingly, the decline in growth of the company in the first quarter of 2018 was directly linked to the fall in the price of the major crypto currencies and the consequent reduction of trading operations with them. According to Mastercard CFO Martina Hund-Megin (Martina Hund-Mejean) due to uncertainty in the field and typing the new restrictions, there was a reduction in the number of cross-border transactions.