Tom has over 30 years of experience in the payments industry, including serving as CFO for various Visa International entities from 1980 until 1999, retiring with the title of Group EVP and Treasurer.
When major corporate enterprises embark upon projects that involve cryptos and/or blockchain technologies, it is big news for the crypto community. Broad public awareness is a necessity, if all things crypto are ever to elevate to the next level in public acceptance. There has been much talk that 2019 is the year that crypto development efforts must deliver effective use cases in the commercial sphere in order for the entire industry to move forward, but when the likes of Bank of America, MasterCard, and IBM openly discuss their crypto-related initiatives, crypto advocates have reason to celebrate.
Each of these titans in their own right is global by nature, with household names that have stood the test of time. Each company would be remiss to ignore the innovative nature of the crypto industry, and it just so happens that each firm recently broadcasted to the public how it is going about adopting all things crypto into their daily operations. Here is a brief rundown, provided in part by the folks at the Dailyhodl.com:
As America’s second largest bank, one would hope that crypto-related projects would abound within its various development departments. According to recent patent applications, Bank of America is delving into the complex security aspects of “wallet” technology. It is developing a multi-tiered approach where different tiers of a wallet can be accessed via separate passwords.
The wording in its patent application, “Multi-Tiered Digital Wallet Security”, explains: “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.”
MasterCard has been active in the blockchain space for some time and is always looking to expand its global talent pool. It is presently searching for engineers to lead its efforts in Europe, focusing on aspects of Ethereum’s Solidity programming language and to be part of it Dublin Research and Technology team.
According to comments made to Pymnts.com, Jorn Lambert, executive vice president of digital solutions, noted: “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.”
IBM has already been a leader in deploying blockchain solutions and operating platforms for a multitude of small to medium-sized companies that can neither afford to build nor maintain a large crypto development team in house. IBM has successfully developed a number of outsourcing capabilities to assist these enterprises in pursuing leading-edge methods for reducing costs and improving operational efficiencies. One recent example is collaborating with Travelport, a tech company, and travel management company BCD Travel to add transparency and efficiencies to the hotel commissioning practices that presently require a high level of time-consuming and costly reconciliation routines.
Ross Vinograd, senior product director for Travelport, explains a few details of the current mission: “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.”