Mass adoption of blockchain technology and digital assets is going to happen sooner rather than later, according to Mastercard’s VP of new product development and innovation, Harold Bossé. In a webinar during Avalanche’s Powering Business with Blockchain series on Tuesday, Bossé noted that there are already millions of people today consuming and sending crypto assets around the world. “They are early adopters and new adopters, but we have switched toward mass markets, that will be a very important aspect for financial institutions to move into the space,” he said. However, he did note that there were a number of challenges to overcome before cryptos become mainstream. Lack of senior management understanding, commercial rationale surrounding scalability, cost and speed, and regulatory concerns, are among them he stated. Crypto Currently in the Early Stage of Internet Bossé even compared the current state of the crypto industry with the early days of the internet. “Think about the advent of the internet; no one was thinking that Amazon could even be a concept you need the internet for Amazon to work,” he stated before adding: “We’re in the same situation: How do we transform the lives of people and go into demographics or groups of people who don’t really think about blockchain first but think about their business problems?” MasterCard has already dabbled in the crypto industry with crypto-backed credit services including the re...
