Ann Cairns, international markets president at MasterCard in an interview to EurActiv.com said that blockchain technology has higher scope and a very promising technology which MasterCard sees as “a good thing for the future.”

Talking to Jorge Valero of EurActive, on how blockchain represents new business opportunities, she said, “Blockchain is not going to solve everything around the world, but like with every new technology it brings something which is different and better.”

Mentioning it as a “very exciting new technology,” she revealed that MasterCard is looking to integrate the innovation of a distributed ledger within MasterCard’s core systems, cryptocoinsnews.com reported. Cairns said, “Blockchain is a very exciting new technology. We are already building use cases in our laboratories to see how to include it together with our core systems.”

She added that the distributive ledger system offers only one record system across the planet. Therefore, it adds to the integrity of the data record and the independent reconciliation. She also mentioned that blockchain will save a lot of time and costs as all the processes required to constantly check what is part of the ledger go away.

When asked about where she sees business opportunities or application, she said talking about blockchain’s uses, “I can see that 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 Worldwide is an American multinational financial services corporation headquartered in the MasterCard International Global Headquarters, New York, U.S. With more than 20 years experience, Ann Cairns is responsible for the management of all markets and customer-related activities outside North America. As a member of the company’s Management Committee and based in London, England, she leverages the company’s seamless global structure and presence to the benefit of all stakeholders.