October 1, 2022

Visa develops a blockchain for processing personal data of customers

Visa develops a blockchain for processing personal data of customers

Visa international payment network is working on a blockchain system for jointly consistent with the policy computing a large array of private data.

Visa Research - Visa Divisionresearch and development, data analysis, security and innovation in the field of payments, issued a document with politicians describing a blockchain-based system for compatible operations. The system is called LucidiTEE, where TEE stands for trusted runtimes.

The system aims to create applications thatprocess large data sets and are designed to serve a large number of users. LucidiTEE allows participants to jointly process personal data, providing transparency and control with guarantees that other parties will not be able to use the results of the calculations.

To ensure fairness of calculations and their compliance with policies, the system applies special protocols between TEE and the general registry.

Industry players have long been concerned about security.processing and sharing personal data. At BlockShow Asia 2019, a group of crypto industry leaders announced the creation of a protocol that maintains confidentiality while complying with the regulatory requirements of the Financial Task Force.

The technical document describes a protocol thatwould allow virtual asset service providers in different jurisdictions to carry out transactions among themselves, not necessarily knowing each other, and without the need to register with any central authority.