Visa, a widely used international payment system, is working on a blockchain system for solutions to problems related to the abuse of confidential user data when transferring it to third parties.
Visa Research, a Visa subsidiary, introduced the LucidiTEE blockchain system, which will provide data exchange between financial companies and fintech applications without the participation of data aggregators.
LucidiTEE will also allow financial institutions to use machine algorithms to track fraud and discourage the sale of user data to giants like Google.
This new network can help financial institutions exchange user personal data on a large scale without the need for third-party aggregators.
According to the announcement of developers, the system will providetransparency and security through coherent policies regarding private data assessment functions. In addition, this will provide an opportunity to control agents who gain access to user data.