Visa Is to Launch a Digital Identity System Based on Blockchain

Visa is working on a blockchain-based digital identity platform for international payments. The system intends to provide a solution for banks and other financial institutions to conduct cross-border payments securely. The solution will tokenize business data about banking details and account numbers assigning them a cryptographic identifier. It is considered to reduce a fraud risk which exists in financial system nowadays.

From a technical point of view, Visa’s project will be a scalable permissioned network based on a Hyperledger Fabric framework with Visa’s “core assets”. This is one of the leading examples of blockchain implementation in Fintech sector, particularly in payments.

The solution is already supported by large banks of Thailand, USA, South Korea, Philippines and Singapore.

Financial sector is one of the most popular fields of blockchain implementation. However, the technology keeps earning popularity being implemented in more and more sectors. Ranging from small startups and ending with international corporations transforming their processes in order to comply with the newest technologies and opportunities provided.

Whether you consider the opportunities of blockchain for establishing a new breakthrough business or level-upping an existing one it’s a great tool to create an amazing project! You may find out about your idea realization feasibility by asking us.