July 4 (Cointime) - Mastercard's chief digital officer, Jorn Lambert, believes that blockchain technology can revolutionize payments, but it needs "financially-regulated applications" and "central bank-backed money" to achieve mainstream adoption. Lambert stressed that mainstream adoption would require an unprecedented level of scale and trust in the system.

He believes that the scalability problem can be solved by bringing the traditional financial industry and the emerging fintech sector into the fold and creating a framework of regulations that can alleviate their concerns around safety and security. Lambert does not believe that a central bank digital currency (CBDC) is the answer to the adoption and trust problem.