Visa is developing a blockchain system that can replace financial data aggregators

Visa, a widely used international payment system, is working on creating a blockchain system forsolutions to problems related to the abuse of confidential user data when transferring it to third parties.

Visa Research, a subsidiary of Visa, has unveiled the LucidiTEE blockchain system, which will provideData exchange between financial companies and fintech applications without the involvement 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 could help financial institutions share users' 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.