In collaboration with the Australian Central Bank, MasterCard showed off its talent to use public crypto blockchain at the commercial level to conduct CBDC transactions to purchase digital items.
MasterCard is a top-level card payment processor and this company has been active in crypto-related activities for the last couple of years. With a dedicated crypto & blockchain talented unit, MasterCard showed its tech solutions that can provide a better platform for the Central Bank Digital Currency (CBDCs) transactions.
On 12 Oct 2023, MasterCard announced that the company completed the test of CBDC transactions on the Ethereum (ETH) blockchain network in collaboration with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC).
Richard Wormald, President of Australasia at Mastercard, appreciated the potential ability of MasterCard & said that it can help the transaction ability of the Digital fiat currencies on the public crypto network.
“Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains”.
Through the successful testing of the tech solution, MasterCard showed how a person can easily use CBDC to purchase non-fungible tokens available on the Ethereum network.
For this tech solution, MasterCard used its Multi Token Network and Crypto Credential offerings that focus on verification standards and scalable interoperability under a centralised ecosystem, to comply with traditional financial rules & prohibit non-verified users.
It is worth it to note that MasterCard presented a tech solution that can work with very high efficiency, less maintenance work, & better security levels. Here we know very well that Ethereum is the second top-ranked crypto network supported globally and MasterCard or any other third-party company will not be required to pay any amount of maintenance or service fees to use the Ethereum network.
MasterCard’s presented solution is not all about NFTs trade, instead, it is giving a very big hint about how the Ethereum network can be used in holding & verification of the real estate property with better transparency with less time & less effort, unlike the current traditional ways which consume huge time & huge money.