Blockchain: The Key to Unlocking More Value in Financial Services, says Mastercard CEO

Blockchain: The Key to Unlocking More Value in Financial Services, says Mastercard CEO


Mastercard’s EVP and head of crypto and blockchain, Raj Dhamodharan, emphasizes the importance of security and ease of use in order to build trust and realize the full potential of blockchain and crypto in the financial industry.

Payment giant Mastercard finds that cryptocurrency and blockchain tech are useful and can attract much more value to financial industries as a whole, but only when they tackle the security and ease of use issues to be able to build trust. 

Raj Dhamodharan, Mastercard’s EVP and head of cryptocurrency and blockchain tech, spoke within a North America Innovation Day event, and stated that the novel blockchain technologies and cryptocurrency are becoming more trending globally.

Nonetheless, Dhamodharan noted, the lack of safety and complex user interactions limit the technologies’ use cases and utilities.

This is why, while cryptocurrency technology has the  potential to store and move financial resources and value, he argued, these use cases become sparse when safety and simplicity are not priorities.

The EVP was quoted by TechCrunch as saying that, 

“Instilling trust in the blockchain tech ecological system is a critical step in realizing its full potential.”

Similarly, Johan Gerber, EVP of Security and Cyber Innovation, stated that,

“What you must for this tech to scale universally is interoperability and underlying security of trust.”

And once these key points are accomplished, Dhamodharan opined, it will be a lot easier for numerous corporations, both traditional and new players, to enter the Web 3.0 industry and engage with it. 

There is financial resources and talent coming into the industry, and there is plenty of innovation to be seen, but the technology holds more potential, Dhamodharan said. 

“People look at cryptocurrency and think of it as an investment, but there is a whole sector that’s a lot more useful for financial industries as a whole. The technology itself holds many of promise.”

Gerber also mentioned that Mastercard ” intends to provide a technological foundation that allows everyone from small startups to substantial financial institutions to innovate and build upon.”

Not a Newcomer

Mastercard is not new to the industry. Plenty of developments have been announced in the previous few months alone.

As already  stated in October a year ago, the company debuted a new piece of software, Cryptocurrency Secure, powered by CipherTrace, meant to assist banks identify and cut off transactions from fraud-prone cryptocurrency exchanges. 

That same 30 days, Dhamodharan stated that “someday soon” we would reach spend digital currencies as seamlessly as contactless card payments, but that it would require developments in some key areas, including cryptocurrency cards, service providers, and easier crypto-to-fiat conversion for payments. 

In November, CEO Michael Miebach claimed that it is “entirely possible,” that one day everybody will be paying with Bitcoin, “but I think it’s a long way to go before cryptocurrency becomes mainstream.”

Likewise in November, Mastercard launched Start Path Cryptocurrency, a worldwide engagement program to assist blockchain tech, cryptocurrency, and digital investment startups scale.

In the meantime, in June 2022, the company said it would begin enabling non-fungible crypto token (NFT) trading for a range of crypto- ecological system platforms, including marketplaces, metaverse network gaming titles, and Web 3.0 infrastructure providers.

And in February in the year, Satvik Sethi, the previous Non-Fungible Token (NFT) Product Lead at Mastercard, made a unique announcement: he surprised the Non-Fungible Token (NFT) community by minting his resignation letter as an open-edition Non-Fungible Token (NFT) on Ethereum (ETH) via the digital collectibles protocol Manifold

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Learn more: 

– BitOasis Partners With Mastercard
– Mastercard to Enable Direct Non-Fungible Token (NFT) Payment Options for Marketplace Operators

– Payment Giants Visa and Mastercard Push Back Launch of Cryptocurrency Products Owing to Uncertain Market Conditions
– Visa Reaffirms Commitment to Cryptocurrency Tech Regardless of Recent Reports – Here’s The Latest

– What is Blockchain Tech Technology?
– The Difference Betwixt Bitcoin (BTC) and Traditional Currencies

Source

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