Mastercard announced on Thursday that it has hired 175 new developers , including experts in blockchain technology.
New developers will join the team Mastercard in Leopardstown, Ireland, where the headquarters of Mastercard Labs. They will be involved to create more efficient payment systems.
Sonia Gilan, Manager of Mastercard in Ireland, said that the company is working to expand access to financial services.
The projects on which we work, promote financial integration in the country and abroad. Their goal is to provide consumers, businesses and governments to the most innovative and secure payment methods.
This is a significant step forward in the direction of blockchain developments in this company.
In 2016, the company has released a set of experimental APIs based on blockchain technology, the purpose of which was “to give developers the opportunity to work on new technologies that have not yet been commercialized”. In October last year, the firm announced that it will use these developments to increase the speed of making payments.
Mastercard also works extensively in the patent field in the region blockchain.
In September last year, the company filed a patent for the blockchain system, which describes how to work with “orders, invoices and transactions.” Two months later, Mastercard filed a further patent application in which the blockchain is used to increase the speed of transaction.