Mastercard has announced their release of developmental Blockchain APIs.

Visitors to the company's development site will now be able to see two new Blockchain APIs which are the Blockchain Core API and the Smart Contracts API. This move suggests a collaborative approach to Blockchain technology by igniting interest among banks and merchant or business developers.

Like Us on Facebook

Mastercard's new feature will give developers the opportunity to work on new technologies, even the ones that are yet to be commercialized by the company. As Blockchain would play a role in the unraveling future of banking, especially with the participation of the banks, merchants and all individuals linked to both.

Mastercard, which was once a known critic of Bitcoin and public Blockchain, has changed its outlook on the matter and is now heavily investing in the technology as they not only fund startups, but also have registered over 30 patents involving the use of Blockchains.

Mastercards' Blockchain Core API feature will allow developers to run their own forms of Blockchain nodes, define financial transaction types and even manage participation of users within a network. Their Smart Contracts API, on the other hand, will allow developers to create custom code programs with Mastercard's Smart Contract language. These customized codes can then be used in their own Blockchain app operations.

Mastercard now both endorses and uses the Blockchain technology approach to privacy, automation, and audit.

Mastercard is currently studying the possible usage of Blockchain Technology in the digital profiling and the data verification field.