Crypto News | MasterCard Blockchain Development

We’ve said multiple times that blockchain adoption is becoming more and more widespread every day, irrespective of market fluctuations and individual cryptocurrencies performing poorly. Although MasterCard, like other credit card companies, is competing with cryptocurrencies in a lot of ways, the company’s executives are not blind to all the benefits of blockchain technology. MasterCard has been experimenting in the field since 2016, when they released a number of experimental APIs based on blockchain technology. The goal was to have developers explore emerging technologies, primarily to facilitate transactions between businesses. On Thursday, in a latest development, MasterCard announced that it was hiring 175 new technology developers, among them a great number of blockchain specialists. The new employees will work in the company’s research and development facility in Leopardstown, Ireland. Their main goal will be to create more efficient payment systems, especially those that promote financial inclusion and enable MasterCard to expand its services.

In another big breakthrough for blockchain technology, the United Arab Emirates launched their blockchain strategy, called “UAE Blockchain Strategy 2021”. The company was unveiled by the Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid, who said that the main purpose of the strategy is to make sure that the country becomes a world leader in adopting blockchain and related technologies. This would allow the country to cut government spending, saving millions of work hours and getting rid of unnecessary bureaucracy.

The new patent by the Winklevoss brothers may help the UEA achieve its goals, as well. A couple of days ago, they have been granted a patent by the US Patent and Trademarks Office (SPTO) for a system that enhances the security of digital transactions. The system would be based on computing sub-systems using cryptographic encryption within a cloud computing system. The system will most likely first see adoption on Gemini, the cryptocurrency exchange run by the Winklevoss twins.

Coincidentally or not, all of these developments have come at a time when the price of Bitcoin suddenly recovered and shot past $8,000 in less than an hour yesterday. Several analysts and cryptocurrency experts have offered their opinions, including Mati Greenspan, who works at eToro as a senior market analyst. He said that Wall Street and other institutional investors have recognized the predictability of the recent dip, injecting the crypto with liquidity. In a similarly bullish vein, Tim Draper said that Bitcoin will be worth $250,000 by 2022.


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Author: Max Rothstein

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