According to a May 25th published report, Harold Bosse, Mastercard’s VP in charge of creating new products and global innovation, will massively embrace cryptocurrencies and blockchain technology “sooner rather than later.”
Bosse revealed this expectation on Tuesday at a webinar sponsored by Avalanche titled “Powering Business with Blockchain.”
Bosse further added that digital assets are now being utilised by millions of individuals all over the world, many of whom are early and new users of crypto and blockchain technology.
However, he believes that the fact that Mastercard has started to promote the usage of DLT and crypto in broad markets will be a critical factor in persuading financial institutions to join this field on a large scale.
Bosse identified many issues that are now blocking large firms from entering the crypto and blockchain markets. Senior management does not comprehend these sectors, regulatory issues, or the reality that it is really about money in terms of scalability, speed of a blockchain, and so on.
As Bosse put it, no firm wants to start adopting blockchain unless they are positive that they can make a lot of money from it.
Mastercard’s CEO, Michael Miebach also believes that blockchain developers and start-ups should focus on concepts that have yet to be realised. He likened the potentially revolutionary blockchain notion to Amazon, which required the internet in the same way that a future leader in DLT and cryptocurrency needs the blockchain. It is more vital to consider DLT than to address their business concerns.
When a game-changing product is ready, Bosse says, they may begin monetizing it.
