How is VISA Embracing the Blockchain and Crypto?

How is VISA Embracing the Blockchain and Crypto

2015 helped to turn the blockchain into something that the sector now has to live with. It is not a choice anymore. Recent news has speculated about the identity of the person who created the blockchain as well as the formulation of virtual money as a true commodity. Most financial institutions are sceptical about Bitcoin and currencies in general and they are also focused on underlying technology as well. The idea has been embraced for quite some time and if you want to know more, it is helpful to look at how Visa has moved toward digital currency and the blockchain in general, over the last few years.

Speed, Transparency and Security

VISA chose to invest in China during the equity fundraising. They then managed to raise $30 million from various sector leaders. They included Capital One, Citi Ventures and even Orange. VISA has announced that they have now done a preview that is in collaboration with Chain. VISA has put in the work to try and build on Chain Core and this is an enterprise infrastructure. They want to try and offer financial institutions the chance to run a fast yet effective way to secure and process business payments.

The Online Casino Sector

The online casino sector has rocketed in recent years. If you look at the casino industry you will see that it has adopted crypto quite a lot and this is paving the way for a whole new movement. If you do not want to use crypto then you can easily head over to top Visa casinos. If you do this then you will usually be given the option to bet using any financial payment method you want and this is great, to say the least.

During the Early Years

When you look at the early years, you will soon see that experimentation was high with the blockchain. VISA chose to partner with the blockchain specialist known as BLT and they did a cross-border settlement. They did this with the Interbit platform and they wanted to try and explore various ways to try and reduce the friction of the platform as well with any cross-border transfers. This happened between banks.

Of course, VISA Europe Collaboration has since partnered with Epiphyte and they are doing whatever they can to explore the use cases of the blockchain and the tech that is available. VISA has since filled out a platform for the transactions and they have also disclosed various details by the USPTO. They did this in August 2017.

VISA And their Patent

VISA has filled out a patent for its blockchain transaction system and they did this in October 2016. Since then they have disclosed a lot of details about it but at the end of the day, they look to be trying to expand things further. The global giant has since rolled out the pilot phase of blockchain technology, which is known as B2B Connect.

Commerce Bank, which is in the US and Shinhan Bank which is in South Korea have taken steps to try and be part of the projects that are taking place. VISA and IBM have since collaborated and they have integrated an open-source ledger. This is currently using the Linux foundation and it combines a lot of the VISA core assets too. It is their job to try and make sure that they improve processes and that they facilitate financial transactions too. They are aiming to do this on a scalable network that is running with permission.

In April the FIS integrated within the Visa B2B network and they also want to enable the FIS client banks too. They want to receive large-ticket payments very quickly and they also want to process high-value and corporate payments across the world. At the time that they launched, the platform covered over 20 global corridors. At the end of the day, VISA has done a lot of work with the Infosys company and they are a current global leader when it comes to next-generational work.

Digital Currencies

VISA believes that digital currencies could well offer a very exciting avenue for people to keep on doing what they do best. They can expand their network and they can also support new forms of eCommerce that could well hit the market. Blockchain may be backed by currencies and it may hold great promise in terms of new systems but that being said, the adoption is swift, to say the least.

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