12/09/19 06:00 UTC-4

$127 trillion opportunity: MasterCard develops a blockchain platform for cross-border payments

OtherMasterCard and R3 teamed up for blockchain development
MasterCard and R3 teamed up for blockchain development

MasterCard payment system undertook the development of a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
platform for international money transfers. The volume of such transactions is estimated at $127 trillion per year.

 

MasterCard and R3 create a platform for money transfers

According to a MasterCard press release, the payment system merged with the R3 blockchain company for development of a platform for cross-border payments. It will operate on a mix of existing MasterCard infrastructure and blockchain.

The company hopes that future development will help reduce transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
processing costs and speed them up.

Interesting in the section: The ambitious Cardano Project

  • According to a McKinsey study, in 2017 the global volume of cross-border transfers of business and ordinary users reached $127 trillion
  • In August, information appeared in crypto-media that MasterCard was going to release its own crypto-wallet. It is still unknown whether it has anything to do with the planned blockchain platform

 

Editor: Yulia Krasnaya

See also: "The LocalBitcoins platform encourages not to use the Tor browser"

#MasterCard #R3 #Blockchain #Cryptocurrency #Transfers

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