In a bid to simplify global trade via the revolutionary blockchain technology, Marco Polo and Mastercard have gone on to announce the formation of a partnership.
In an official announcement made earlier in the week, Mastercard said that Marco Polo’s working capital finance, which functions a mammoth $1.4 trillion market as forecasted by the World Trade Organization, will be provided with an access point through Mastercard Track, the payment giants business-to-business global trade unit.
Marco Polo functions via Corda Blockchain platform which has been developed by startups TradeIX and R3.
Huge institutions like ING, Commerzbank and BNP have all shown huge interest in Corda Blockchain ever since its introduction back in 2017, currently, as per reports, the platform consists of over 25 members.
Launched back in the previous year, Mastercard Track was created using Microsoft’s Azure cloud service. Its services include vetting, onboarding and identifying services for almost 210 million registered firms all over the globe.
Speaking on the partnership, via a press release, a managing director at TradeIX, Daniel Cotti said all of Marco Polo’s service providers who have spearheaded the development of its Blockchain network will be able to function even more efficiently due to Mastercard’s scale and reach.
Notably, Marco Polo still remains in its pilot phase while it is simultaneously taking small steps to launch trade transaction services.