Visa will develop a blockchain system for the secure processing of personal data

Visa Works on Blockchain System for Joint Computation of Large-Scale

International payment network Visa is working on a blockchain-based system that will allow participants to jointly process and exchange personal data without the risk of violating confidentiality.

The company’s data analytics, security and payment innovation research arm has published document with a description of their new blockchain system.

A project called LucidiTEE will provide a trusted runtime environment for applications that process huge amounts of data and are designed to serve a large number of users without knowing in advance which ones will be involved..

The description states that the system will allow participants to jointly process personal data in a transparent and controlled manner, while ensuring that third parties cannot access it..

Visa will develop a blockchain system for the secure processing of personal data

In order to ensure fairness and compliance with requirements, LucidiTEE will use special protocols that connect the distributed ledger and the trusted execution environment. At the same time, the blockchain will be responsible for compliance with all conditions.

Not only private, but also state structures are actively improving the mechanisms of cross-border settlements using the blockchain. For example, the Monetary Authority of Singapore has developed a prototype system that allows cross-border payments in different currencies on the same network..

text: Ivan Malichenko, photo: Shutterstock

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