Visa announced today that it is entering into a partnership with IBM. Next year, the company plans to launch a blockchain-built global payment platform, B2B Connect. This will be integrated with the IBM Blockchain Platform, which was developed on the basis of the open source ethereum technology.
Visa is expected to launch its platform in the first quarter of 2019. It will then have integrated its key techniques, including B2B Connect, with the IBM Blockchain Platform. B2B Connect turns sensitive data, including customer information and account numbers, into tokens. It then generates unique IDs with which companies can facilitate payments worldwide via the platform.
Visa and IBM
Visa believes that its distributed register will reduce the risk of fraud. In addition, companies that make payments worldwide or offer widely used platforms would find it easier to comply with government and government regulations. The credit card giant claims that B2B Connect is a scalable network.
At the same time, it remains to be seen whether the technology is actually scalable. Most companies have not yet succeeded in making their blockchain solutions truly scalable. In any case, the platform serves to facilitate payments for financial institutions. Safety, security and governance are brought together in this solution. The fact that the choice was made to use the technology on which ethereum is based is an interesting step. It stimulates the development of that cryptic currency and helps the currency to compete with bitcoin.
Visa has been working with IBM for decades. Together, the two companies are developing technical ecosystems that make payment services possible.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.