International payment network Visa is working on a blockchain system for collaborative computing over largevolumes of confidential data.
Research and Development DivisionPayments giant Visa Research, which specializes in data analytics, security and innovation in payments, has released a paper describing a blockchain-based system for computing that meets regulatory requirements. The system is called LucidiTEE.
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 compute sensitive data, providing them with transparency and control, while also ensuring that other parties cannot observe the results of the calculations.
To ensure the fairness of the calculations and theircompliance, the system applies special protocols between trusted runtime environments (TEE) and the general registry, where the registry is used only to ensure compliance. The registry stores all cryptographic hashes of encrypted inputs and outputs, as well as information about which functions were launched, so that subsequently protocols can access this information during the following calculations.
LucidiTEE may also allow banksShare machine learning algorithms to combat fraud or to prevent financial tracking applications from selling sensitive customer information to technology giants like Google.
LucidiTEE describes as “the firsta system that allows multiple parties to jointly perform large-scale confidential data calculations, while ensuring regulatory compliance even when the input data providers are disconnected from the network, and fairness to all recipients of the output. ”
Although the document is still in processpeer review and may be subject to change, it illustrates the desire of Visa, like most large financial firms, to ensure that customer data fall into the hands of as few companies as possible, and consumers have the ability to control the information disseminated about them.
This is not the first time Visa has experimented with blockchain. Let us remind you that in the summer the company launched a blockchain-based payment platform for corporate clients.</p></p>