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