18/11/19 08:41 UTC-5

Visa is developing a fintech data exchange blockchain system

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.  


Innovative solution

Cryptocurrency news reports that Visa, the world's largest payment system, is developing its own blockchain service, which will change the process of transferring personal data by banks about transactions in consumer financial applications. The LucidiTEE article describes how a system for sharing blockchain-using sensitive data, processing that data in a trusted runtime environment (TEE), and using a history-based privacy policy to guarantee transparency in a trusted blockchain environment. The company will also limit the scope of operations with using personal information of users, even if they work online.

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.

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#Visa #LucidiTEE #blockchain #fintech #data #confidentiality #exchange #banks

Editor: Alyona Deryabina