The Visa research and development department – R&D – presented an article that describes the development of a new 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 system for data transfer – LucidiTEE. The system should be a solution to the problem of illegal use of personal data of users.
According to a published document, LucidiTEE will be the first system to help several parties collectively collect large amounts of personal data, while ensuring that they are kept completely confidential. Third-party organizations and consumer financial applications often raise questions about potential irregularities and misuse of data due to a lack of transparency in the exchange, use and storage of such data.
The first LucidiTEE application is designed to exchange data between customers and financial applications. It can also allow banks to exchange data securely, without relying on intermediate aggregators, in a trusted blockchain runtime (TEE), thereby reducing the likelihood of fraud. It is worth noting that the development of a new solution, Visa, began immediately after refusing to participate in the Facebook Libra project.
Interesting in the section: Twitter & Facebook: cryptocurrency dissonance of global technology giants
- The Libra Association released on Friday an update for developers, which says that the Facebook cryptocurrency project has been running for "five months and is gaining strength."