Mastercard president Rob Reeg admits he doesn’t particularly care for bitcoin, but thinks the blockchain holds promise.
In a recent interview with the Business Standard, Reeg opened up about some of Mastercard’s ongoing projects surrounding blockchain technology, and how they plan to implement further security for card holders. Presently, the credit conglomerate is working on two separate blockchain pilot projects; one combines aspect of both public and private ledgers, while the other is strictly private. Regarding the blockchain, Reeg went on to state:
“It is an interesting technology and we are working on it. I personally don’t care about Bitcoin, but I do care about blockchain technology… For [a] company like us, while managing people’s money and information, [the] security aspect of blockchain is [a] little bit daunting. The idea behind blockchain is unregulated power, but that is never going to be a first choice when the security is [of] concern.”
It’s no secret that Mastercard has never been a fan of digital currency. Expressing doubt over bitcoin’s long-term viability, several executives have been relatively outspoken regarding their stance on bitcoin’s alleged lack of safety. At the same time, the blockchain has consistently been on good terms with those at Mastercard. Just four months ago, the company’s international president Ann Cairs labeled the blockchain a “good thing for the future,” and further explained:
“If you are a European supplier and you are buying silk from China, silk has to be shipped, and you also have letters of credit, and many people are involved in the transaction until the silk arrives to my store. I can see the blockchain could be used in this space because anywhere you got logistic companies, finance companies, suppliers, buyers, all touching the same transaction, that is where having one version of the truth will be very useful.”
Mastercard also selected blockchain startup Everledger to join its summer incubator last June.