Mastercard has developed its own blockchain for payment transactions
Channel: KCN News
Date: 2017-11-02

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Mastercard Company has opened access to its own blockchain for payment transactions between banks and sellers. These transactions will be conducted not in cryptocurrencies, but in fiat money. "We are not using a cryptocurrency, and we are not introducing a new cryptocurrency, because that introduces other challenges — regulatory, legal challenges. If you do a payment, then what we can do is move those funds in the way that we do today in fiat currency," notes Justin Pinkham, a senior vice president at Mastercard Labs. Mastercard has been developing its own blockchain system for the last few years, and now it has become available to the organization's customers as an alternative method of payment for goods and services. However, it is available to a limited number of organizations - only to those invited by Mastercard.

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