Mastercard releases experimental blockchain API and has applied for more than 30 blockchain patents to date

The fire of blockchain seems to have spread throughout the entire financial circle. Not long ago, Visa announced that it would launch B2B blockchain payment services in 2017. However, Visa is not the only credit card giant currently researching this emerging technology.

Now, another giant, Mastercard, is not far behind and is quietly developing a new set of blockchain APIs to achieve more cooperation goals.

The credit card giant’s development website now has three APIs connected to its internal blockchain, including products focused on smart contracts and payment settlements. These APIs were released by its innovation lab, MasterCard Labs.

Justin Pinkham, head of blockchain at Mastercard, said the company released the blockchain API platform to increase interest from banks and merchant developers.

He told CoinDesk:

“This is part of the Experimental API Program released by Mastercard Labs, which provides opportunities for developers to explore emerging technologies that have not yet been commercialized by us.”

Pinkham went on to say that the company is continuing to seek applications for blockchain technology while promoting business collaborations that can be applicable to Mastercard.

“We believe blockchain will play a role in the future of commerce and this will require us to work with banks, merchants and industry players to develop it.”

The news may be the most significant yet for Mastercard, a company that has criticized bitcoin, the longest-standing public blockchain, but expressed cautious enthusiasm for its underlying technology.

More Internal Work

With the launch of these APIs, Mastercard is beginning to make some of the work done by its internal teams available to the outside world.

Mastercard is currently exploring applications for digital identity and KYC (know your customer) exchanges. In addition, the company is creating a foundation for blockchain technology so that it can focus on using various blockchain applications, including interbank payments and trade finance.

According to Pinkham, Mastercard has filed more than 30 blockchain patent applications.