MasterCard Exec Talks Cautious Approach to Blockchain Tech
A MasterCard executive has said that while the firm is very, very interested in blockchain technology, it will take a cautious approach to its experimentation with the tech while it believes it is still developing. Speaking to Business Insider at the World Economic Forum in Davos, MasterCard CIO Garry Lyons outlined the steps the major global credit card network has so far taken to explore the industry. Lyons said: Like the rest of the world, we’re interested in seeing where blockchain technology goes. The comments come at a time when thought leaders in the traditional payments and finance....
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MasterCard is looking to stay ahead of the curve by refusing to rush into integrating blockchain technology into their business model. Citing concerns regarding regulation, investment and security, MasterCard Chief Innovation Officer Garry Lyons stated why he didn’t want MasterCard to be “blindsided” by block chain in his comments at the World Economic Forum in Davos, Switzerland: “It’s not just the industry that’s excited about blockchain — it’s the world, everyone. Even at Davos, every single tech panel I have gone to mentions blockchain and some people call it ‘the second coming.’ But....
So a couple of days ago, I wrote a piece suggesting that MasterCard was up in arms against bitcoin and other digital currencies, with the crux of the piece based upon the fact that the company had submitted a report to the Senate suggesting that Australian regulators should be careful with digital currency adoption. The report focused in on the fact that bitcoin transactions are anonymous, and to pull a quote directly from the submission, MasterCard stated that: Contrary to transactions made with a MasterCard product, the anonymity of digital currency transactions enables any party to....
The US Patent and Trademark Office (USPTO) has published four applications filed by MasterCard related to its work with blockchain and distributed ledger tech. The four applications, all published on 24th November, focus specifically on payments and transacting. Steven Charles Davis is listed as the sole inventor on three of the four applications, while the last also names Ashish Raghavendra Tetali as an inventor. In sum, the proposed patents suggest that MasterCard is at least weighing the question of how blockchain-based digital currencies could be integrated into its own systems. The....
In an interview with Fortune’s Andrew Nusca, Ripple CEO Brad Garlinghouse provided an overview of the company’s strategic roadmap, their cautious approach to an initial public offering (IPO), and Ripple’s competitive edge over the traditional SWIFT network. A Ripple IPO Currently Not On The Table Garlinghouse was forthright about Ripple’s decision to hold off on […]
Former MasterCard executive William Dennings has joined Bitreserve as the firm's chief information security officer (CISO). Bitreserve noted Dennings' appointment would be instrumental in the company's mission to set anti-money laundering (AML) and know your customer (KYC) controls, required to safeguard users' deposits and information. The newly appointed CISO said: