Bank of America, Mastercard and IBM Heading Deeper Into Crypto and Blockchain in Separate Initiatives
Bank of America, Mastercard and IBM are delving deeper into building new solutions using blockchain technology and cryptocurrencies.
Bank of America, the second-largest bank in the U.S., aims to patent a security system for crypto wallets. A multi-tiered interface is designed to beef up security by allowing a user to enter different passwords to open different tiers of their crypto wallet.
“Through the digital wallet interface, a user of the user computing device may be able to partition digital currency holdings into one or more differentiated storage compartments or tiers. Each of the one or more compartments may be password secured and may only permit access to the amount of digital currency holdings specified by the user.”
The recently published application, “Multi-Tiered Digital Wallet Security”, was initially filed with the United States Patent and Trademark Office (USPTO) in February 2018.
As traditional tech and financial services companies analyze the rapidly changing landscape of the digital economy, global payments giant Mastercard is seeking staffers for its crypto development team.
According to a listing posted today for a digital payments and labs manager in Dubai for the Middle East and North Africa region (MENA), the company says it’s using blockchain technology to power solutions.
“With labs and Blockchain, we are bringing best-in-class fintechs to market and helping our clients innovate better and faster. The team has been providing thought leadership and best practices with various patent submissions and product innovations to its credit.”
The company has also posted a listing for a senior engineer with blockchain expertise, notably in Ethereum, in Dublin.
“Mastercard is looking for brilliant, passionate and innovative technical leader to join Mastercard’s Dublin Research and Technology team as part of our Blockchain team headquartered out of Dublin…
Experience with a blockchain network such as Ethereum and a Smart Contract language such as Solidity.”
Mastercard has been exploring blockchain for a while, according to executive vice president of digital solutions, Jorn Lambert, reports Pymnts.com.
“As you know, we’ve been looking at blockchain for quite a while, understanding the technology standards, doing pilots with banks and filing a number of patents. We absolutely think stablecoins will play a role in our future, that is [what] we have invested in over the years.”
Meanwhile, IBM is collaborating with the tech company Travelport and travel management company BCD Travel to develop a blockchain solution for hotel commission reconciliation. The new platform also involves a number of high-profile hotel chains that pay commissions to travel portals for booking services. It’s designed to make the payment process more efficient and the accounting for commissions more transparent.
Ross Vinograd, Travelport’s senior product director says,
“Blockchain technology applied to commission reconciliation has the potential to deliver real ROI to both a travel agency and the hotel. Traveler modifications at property, no shows, and complimentary room nights are just a few examples that drive commission discrepancies which in turn generate escalations, cost, and revenue loss. Our aim is to put the lifecycle of a booking on the blockchain and we believe doing so will drive transparency, trust, and ultimately booking volume.”
IBM Blockchain Leader Kurt Wedgwood highlights why blockchain technology is a good fit for time-intensive issues that arise from travelers and their fluctuating accommodations.
“Global distribution companies and providers would benefit from this use of blockchain technology to remove their never-ending work of reconciliation to spend that time adding new experiences and insights for the traveler. Eliminating the hours spent addressing dollars in dispute or the timeliness and accuracy of information allows all participants to focus on what matters most: the traveler.”