Visa will start using blockchain technologies for improving users personal data security

Endy Callahan

The Visa Payment System Research Department is developing LucidiTEE blockchain system. It provides a trusted environment for exchanging personal information.

Visa developments and their purposes

The first expected option of LucidiTEE is exchanging information between financial programs and users. The system may be threatening to Finicity, Plaid and other aggregators. First f all, the application is designed for exchanging data.  Though, the main goal is to train the algorithms detecting fraudulent activities and personal data selling to large fin-tech companies.

LucidiTEE allows processing large data sets, maintaining privacy at the same time. You may read more about distributed registry features in "What is a Blockchain?" article.

Visa forms a department to work with cryptographic currencies

The payment company announced the Crypto Team formation. Visa is hiring a technical product manager in the new department. This was mentioned in a special announcement published by the company. It stated that Visa is searching for a specialist with relevant skills.

They are looking for an expert to Palo Alto office. He is expected to be subordinate to the head of Visa Fintech crypto products. The applicant must have deep knowledge of cryptographic currency ecosystem and blockchain technology. As well, he must know all mechanics of current payment solutions provided by financial and technology companies. The technical manager's tasks will include managing strategy and roadmap related to Visa digital currency products.

Visa intends to integrate Hyperledger Fabric into its B2B Connect system

Visa payment system plans to integrate Hyperledger Fabric technology into its payment service for B2B Connect organizations. It will enable corporations making large payments to other countries, while keeping transactions transparent and completely secure.

B2B Connect will tokenize all users’ information, including account numbers and other confidential information with a unique ID code to prevent fraud and increase transactions speed. As a result, the sending bank will process international corporate payments. Afterwards they will be forwarded to the beneficiary financial institution’s account.

IBM has no doubt that the B2B Connect system is the clearest example of a radical change in payment systems through distributed registry technology.

Bottomline Technologies Corporation has announced plans to work with Visa. It is providing financial technologies, aimed at facilitating customer access to B2B Connect service.

Enterprise Ethereum Alliance starts active cooperation with Hyperledger

The EEA and Hyperledger Project are major blockchain consortia. The companies have reported about cooperation. It provides forming unified standards for distributed networks developed by employees of the mentioned companies.

The organization stated that this partnership is based on their commitment to open source code for different platforms. It was mentioned in their joint statement. They claim that open source code has a significant positive impact on distributed register technologies – they will be actively spread in business environment. The companies have united as an associate member.

Ron Resnick, EEA's top-manager, said, "There is a window of opportunity for us. Associate member type of partnership results in much closer cooperation between the companies. The Hyperledger developers will have the opportunity to benefit from participating in the EEA certification program.”

The EEA representatives, working on standards and specifications can start cooperating with their colleagues from Hyperledger for reaching maximum implementation.

Brian Behlendorf, executive director of EEA, mentioned: “Standards, specifications and certification all help enterprise blockchain customers commit to implementations with confidence since they have better assurances of interoperability as well as multiple vendors of choice.”

Company members may collaborate in various meetings, working groups and conferences all around the world. That may lead to bringing many developers together. The companies' statement notes they have similar goals, including strengthening and expanding the community and actively adopting corporate technologies. They do believe they will prove that all opposing companies are being wrong.

Companies complete work that emphasizes their unity. For example, in 2017 the Hyperledger Burrow project was launched. It was the result of implementing Ethereum virtual machine interpreter. It operates under the license from Apache.

Hyperledger Sawtooth began providing EVM support for transaction processing. As a result, Ethereum smart contracts were implemented into the Sawtooth network. This initiative is still in full swing. The creators hope to perform EEA Spec 1.0 compatibility check in the nearest time.

Visa allows working with bitcoin

The leading payment system allows using cryptographic currencies, including bitcoin, in case they serve as a full-fledged payment instrument. This was mentioned by Al Kelly, the head of Visa company.

Mr. Kelly noted that cryptographic currencies do not threaten his company in any way in short terms. However, if they become widely accepted, the organization will be ready implement digital money. The head of Visa noticed: "In order to feel more comfortable in the current  environment, it is important to have a certain market that is similar to fiat currencies. In any case, we are not threatened by cryptocurrencies.”

The technology of distributed register is actively used in various areas of life. Visa hopes to use it for improving personal data security. Stay tuned for our crypto portal – keep up with the latest news on the blockchain area.