Mastercard is seeking to file for a patent that would provide them with fractional reserve management of blockchain assets, meaning that the company aims to accept deposits, offer loans, and make investments in cryptocurrencies. This is representative of a wider trend, in which large enterprises are both offering blockchain products and adopting blockchain into their business strategies.
Endor, the leading predictive analytics platform leveraging blockchain infrastructure, specializes in accurate, rapid, and cost-effective predictions to large enterprises. Mastercard, a partner of Endor, is utilizing its service offering to predict customer behavior and market trends.
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On October 29th, Endor will endeavour to continue to build large enterprise involvement in the blockchain industry by launching the MIT Blockchain Systems Consortium, bringing together Fortune 500 companies and other significant projects to spearhead the adoption of the technology across business sectors and industries.
Dr. Yaniv Altshuler, Co-founder and CEO of Endor, said:
“Blockchain technology has been in use for almost a decade now. While it was once rejected by the mainstream business sector, recently large enterprises have been integrating the technology as its benefits have become more widely acknowledged. Companies such as Mastercard, IBM, Amazon, Goldman Sachs, Fidelity and Citibank represent only a small sample of corporations who are using blockchain technology in multiple ways. Recently, we saw Amazon Web Services (AWS) allows users to create and deploy secure blockchain networks with popular open source frameworks – an offering which is utilized by multiple companies, including Endor. Now, Mastercard is seeking to file for this patent. The level of investment in blockchain technology from companies like Mastercard solidifies the growing confidence in blockchain’s business potential.
Aside from transforming product offerings, blockchain technology can provide additional benefits to traditional business sectors. This is evidenced by the growing number of enterprises collaborating with blockchain projects to support their own business strategies and results. To empower businesses in an increasingly data-driven world and make way for the transition to blockchain technology, Endor will expand its predictive analytics service onto blockchain infrastructure by the end of this year. The adoption of blockchain technology by corporate entities is bound to influence mainstream adoption. Moving forward, we should focus not only on the convergence of blockchain infrastructure with enterprises, but on the scalability of this trend for businesses of all sizes.”
This article was originally published in ValueWalk.
Photo: Scott Lewis