Payments giant Mastercard has launched a new solution that it believes will lead to more trusted and secure interactions on the blockchain.
In an April 28 blog post, Raj Dhamodharan, Mastercard’s head of blockchain and digital asset partnerships, outlined how the firm’s new solution would bring more trust to blockchain transactions.
The solution, called “Crypto Credential,” will establish a set of common standards to attest trusted interactions on the blockchain, whether the users are consumers or businesses.
“Simply put, the level of verification needed for someone to receive an NFT differs greatly from the authentication required of someone to transfer digital assets from or receive assets to crypto wallets,” explained Dhamodharan in the blog post.
Crypto Credential would define these verification standards and provide technology to bring more use-cases to life. For instance, the solution calls for bringing richer information to blockchain transactions through metadata, which would better define attributes of a wallet.
Mastercard has also tapped into blockchain intelligence firm CipherTrace’s technology to ensure wallet addresses engaged in cross-border transactions are compliant with the Travel Rule. Mastercard acquired CipherTrace in September 2021 with the goal of increasing its offerings within the digital asset industry.
Of course, integrating this new piece of infrastructure will require the standard to be adopted by a number of networks in the space. To that end, Mastercard has teamed up with several blockchain firms, including Aptos Labs, Ava Labs, Polygon Labs and The Solana Foundation, who will help bring Crypto Credential to app developers in their ecosystems.
“Together, we’ll collaborate to enhance verification in NFTs, ticketing, enterprise and other payments solutions,” said Dhamodharan.