Mastercard has taken an innovative step in blockchain technology by unveiling Mastercard Crypto Credential at Consensus 23. The payment company is collaborating with blockchain firms, including Polygon, Solana, and AVan, to bring this new offering to the industry.
According to a post today, the service aims to instill “trust in the blockchain ecosystem” and enhance verification in various sectors, such as NFTs, ticketing, enterprise, and other payment solutions.
Enhancing Trust in Blockchain Technology
Mastercard’s Head of Crypto and Blockchain, Raj Dhamodharan, elaborated on the significance of the innovative system, stating, “Mastercard Crypto Credentials will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks.”
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The system will cater to multiple use cases, as “consumer and business verification needs vary widely based on market and compliance requirements.” Dhamodharan confirmed that the system would be integrated into Mastercard Music Pass NFT, Mastercard Artist Accelerator, and its collaboration with Immersve.
Mastercard Crypto Credentials aims to “ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.” The collaboration with networks like Polygon and Solana highlights the potential of this technology.
