The VP in charge of developing new products and innovation at Mastercard believes that cryptocurrencies and blockchain technology will be widely adopted “sooner rather than later.”
Harold Bosse revealed this expectation on Tuesday during a webinar hosted by Avalanche called Powering Business with Blockchain.
Bosse added that digital assets are currently being used by millions of people all over the world, many of whom are early and new adopters of crypto and blockchain technology.
However, he believes that the fact that Mastercard has begun to promote the usage of DLT and crypto in broad markets will be a critical component in convincing financial institutions to enter 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 areas, regulatory concerns, or the fact that it is essentially about money in terms of scalability, speed of a blockchain, and so on.
As Bosse put it, no corporation wants to start adopting blockchain until they are positive that they can make a lot of money from it.
Mastercard‘s top exec also feels that blockchain developers and start-ups should focus on ideas that have yet to be realized.
He compared the potentially revolutionary blockchain idea to Amazon, which required the internet in the same way that a future leader in DLT and cryptocurrency requires blockchain. It is more vital to consider DLT than to solve their business concerns.
When a game-changing product is ready, Bosse says, they may begin monetizing it.
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