Mastercard looks to improve blockchain interoperability with its Multi-Token Network

- Global payments processor Mastercard continues to be one of the most active companies in the adoption of blockchain technology as the firm has announced the launch of the Mastercard Multi-Token Network , a solution designed to support interoperability within the blockchain ecosystem.

On the topic of counterparty trust, Dhamodharan said, “Effective identity management and permissions are essential to building trusted networks.“ To address this pillar, “MTN will leverage Mastercard Crypto Credential to offer a set of common verification standards and infrastructure, in turn enabling trusted interactions among consumers and businesses using blockchain networks.”

Regarding trust in technology, Dhamodharan said “Scalability of blockchain networks and interoperability among them are critical technologies required for safe transfers of tokens and assets.” A beta version of MTN will be released in the UK this summer to serve as a testbed for developing live pilot applications and use cases with financial institutions, fintechs and central banks. The first phase of testing will focus on tokenized bank deposits, and Mastercard plans to make the platform available to additional markets around the world over time.

Source: Digital Coin News (digitalcoinnews.net)

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