Mastercard Tests NFT Certificates for Authenticating Luxury Watches

According to Foresight News, Ashok Venkateswaran, Mastercard's Blockchain and Digital Assets Head for the Asia-Pacific region, spoke at the Hong Kong Fintech Week forum about the importance of programmability as a form of trust in the digital world. He emphasized its benefits for regulators, banks, and individual users, stating that programmability can be used by regulators to create rules for tokens and by banks to automate certain processes, reducing manual handling and ensuring customer protection.Venkateswaran also mentioned that Mastercard is testing the use of non-fungible token (NFT) certificates on authentic luxury watches as part of a pilot program in Cyberport. By leveraging the programmability of digital Cyberport dollars, only genuine products can be successfully traded, ensuring customer protection.