Mastercard has unveiled Mastercard Crypo Credential, a suite of blockchain-based identification and transparency solutions. One of its solutions concerns the replacement of public addresses by a pseudonym in the format “alias.mastercard”.
Mastercard Crypto Credential: the latest blockchain innovation from the payment giant
The global payment giant Mastercard unveiled its latest blockchain innovation : Mastercard Crypto Credential.
The objective of this new feature is to provide a set of solutions for everything related to identification :
“Mastercard Crypto Credential will establish a set of common standards and frameworks that will help attest to trusted interactions between consumers and businesses using blockchain networks. »
In a more simplified way, Mastercard Crypto Credential will revolve around several axes, the most notable of which for the general public concerns the replacement of addresses by pseudonyms. Indeed, the long alphanumeric sequence of these public addresses can be linked to an alias, similar to what is possible with solutions such as Ethereum Name Service (ENS) for example.
As shown in the promotional video below, from 50 seconds, these pseudonyms would be in the format “alias.mastercard” :
At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas
— Mastercard News (@MastercardNews) April 28, 2023
In addition, Mastercard Crypto Credential aims to make the most of metadata on the blockchain, in particular in order to give clear information about the ins and outs of a transaction in order to offer more transparency to users.
A complementarity of this new product with the services of CipherTrace is also planned, so as to guarantee compliance of transactions with the Travel Rule.
👉 To go further — What is the Travel Rule?
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Many partnerships
To deploy its infrastructure, Mastercard has entered into several partnerships with different players in the cryptocurrency ecosystem. Some of these partnerships concern wallets or exchanges such as Lirium or Mercado Bitcoin.
On the blockchain side, Mastercard also works with Polygon Labs, Ava Labs, Aptos Labs and the Solana Foundation. The objective of this work is precisely to allow developers to deploy Mastercard Crypto Credential solutions on decentralized applications of different networks.
This technology thus intends to bring value to various areas such as non-fungible tokens (NFT), ticketing and payment solutions. It will therefore be interesting to follow the developments of all this, and to what extent Mastercard manages to establish itself in the Web3 ecosystem.
👉 Also in the news — Google Cloud partners with Polygon Labs to support its development in Web3
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Source: Mastercard
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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