VISA Financial Services Corporation announced its latest blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details offering suggesting a faster cross-border payment, – as reported by Reuters.
Quick payments using blockchain
Visa, which is well known for offering credit cards, debit cards and electronic money transfers worldwide, has finally launched a blockchain solution for faster cross-border payments.
Visa wants to challenge competitors like Ripple, who already offer the fastest cross-border solution on the market.
Interesting in the section: Blokchain technology outside cryptocurrencies
Visa uses a Hyperledger Fabric, developed by a team of specialists, led by the Linux Foundation. The system is called the Visa B2B Connect Network and currently covers 30 trade corridors around the world, and 90 markets are expected by the end of the year.
According to Visa, the purpose of the network is to simplify international payments, allowing enterprises to make transactions directly from their bank to the receiving bank.
VISA launches fast payments using the blockchain. This should lead to a further increase in the popularity of Visa and the blockchain, as Visa is taking steps in the right direction to maintain market dominance by new players in the industry.
Editor: Yuliya Soroka