Mastercard has unveiled Mastercard Crypo Credential, a suite of solutions based on identification and transparency in the blockchain. One of its solutions involves replacing public addresses with a pseudonym in the format “alias.mastercard”.
Mastercard Crypto Credential: the latest blockchain innovation from the payment giant
Global payments giant Mastercard has unveiled its latest blockchain innovation: Mastercard Crypto Credential.
The aim of this innovation is to provide a range of solutions for everything to do with identification:
“Mastercard Crypto Credential will establish a set of common standards and infrastructures that will help to prove trusted interactions between consumers and businesses using blockchain networks. “
In more simplified terms, Mastercard Crypto Credential will be based around several axes, the most notable of which for the general public concerns the replacement of addresses with pseudonyms. The long alphanumeric sequence of public addresses can be linked to an alias, in the same way as is possible with solutions such as Ethereum Name Service (ENS), for example.
As shown in the promotional video below, from 50 seconds onwards, these aliases will be written 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 the metadata on the blockchain, in particular to provide clear information on the ins and outs of a transaction in order to offer greater transparency to users.
The new product will also complement CipherTrace’s services to ensure that transactions comply with the Travel Rule.
Several partnerships
To deploy its infrastructure, Mastercard has entered into several partnerships with various players in the cryptocurrency ecosystem. Some of these partnerships involve wallets or exchanges such as Lirium or Mercado Bitcoin.
On the blockchain side, Mastercard is also working with Polygon Labs, Ava Labs, Aptos Labs and the Solana Foundation. The aim of this work is to enable developers to deploy Mastercard Crypto Credential solutions on the decentralised applications of the various networks.
The technology is intended to bring value to a number of areas, including non-fungible tokens (NFT), ticketing and payment solutions. It will be interesting to see how all this develops, and to what extent Mastercard succeeds in establishing itself in the Web3 ecosystem.
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