Collaboration with Mastercard, Solana, Polygon, etc. to improve reliability of blockchain

Improving reliability of blockchain

On the 28th, US payment giant Mastercard announced a new initiative called “Mastercard Crypto Credential”.

The aim of this effort is to bring “trust” to the blockchain ecosystem. The company points out that crypto assets (virtual currencies) and blockchain have made great progress, but they have not gained the trust of consumers, businesses, and governments due to insufficient security and compliance. He explained that this effort will increase reliability and allow the full potential of blockchain to be unlocked.

At #Consensus23we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @Aptos Labs,… pic.twitter.com/P33mtDVAas

—Mastercard News (@MastercardNews) April 28, 2023

The content of this time was also announced at the conference “Consensus 2023” held in Texas, USA. Mastercard says it will build trust on the public blockchain to enable scalable use cases while enforcing regulatory rules.

Specifically, it establishes common standards and infrastructure so that consumers and businesses using public blockchains can interact with each other with confidence. The company also said it will provide the technology to enable many use cases.

In this initiative, we are considering doing the following:

• Allowing wallet addresses to have simple, easy-to-remember names
• Provide richer information for blockchain transactions
• Make the Ciphertrace service available

connection: Mastercard completes acquisition of cryptocurrency analysis company CipherTrace

The first name initiative aims to improve the user experience and reduce mistakes such as money transfers. Regarding the second provision of information, we will make it possible to perform transactions without making mistakes in the type of network and target assets. And the third is to support address verification and compliance with travel rules.

connection: Summary of additional measures for travel rules and domestic exchanges to be enforced from October

Web3 project cooperates

The following organizations involved in the development of public blockchains cooperated in this Mastercard initiative. Each organization will support their respective blockchain ecosystems in making use of the Mastercard Crypto Credential standards and infrastructure.

• Aptos Labs: Aptos (APT)
• Ava Labs: Avalanche (AVAX)
• Polygon Labs: Polygon (MATIC)
• Solana Foundation: Solana (SOL)

connection: Mastercard, Avalanche development Ava Labs and other five companies to support

The following cryptocurrency wallet providers are also participating in the effort:

• Bit2Me
• Lilium
• Mercado Bitcoin
• Uphold

Utilizing the experience it has cultivated in its business so far, Mastercard will strengthen authentication in NFTs (non-fungible tokens), payments, tickets, businesses, etc., while cooperating with the above projects and governments.

connection: Visa executives deny the report that they will stop new partnerships with virtual currency companies

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