It is a fast-changing world that continues to witness the non-fungible tokens and cryptocurrencies take over a significant part of everyday activities. I’m talking about the shift to a new era where more people continue to pay and receive payments in a new way.
Technology and what needs to be done
Analysts applaud the shift, but they have several comments to make about the whole thing. For example, they believe that there is quite a lot to do in the quest to win trust. The analysts also think it is crucial to work on the security aspect. They assert that security stands out as one of the most critical enablers of the broad-scale and adoption.
The need for a more robust intelligence and some new working solutions for the latest technologies continue becoming rather evident because there is a need for proper installation of the crypto economy. Moreover, the stakeholders aspire to instill it with great peace of mind with some level of trust. In other words, the peace of mind and trust associated with it must match that of the more traditional methods.
The future promises a more integrated offering with the capacity to build on Mastercard’s cyber security solutions and Cipher Trace’s suite of digital assets to present business with greater transparency. The end goal is to help identify and also serve businesses with greater transparency. Everything is centered around making efforts to understand the risks. It is also crucial to mention the great need to manage the various compliance requirements and the digital asset regulation tenets.
The president at Cyber & Intelligence at Mastercard Inc (NYSE: MA), Ajay Bhalla, opines, “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient. With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.”