VISA creates a digital identity system based on blockchain

The American giant of the Visa payment card market, creates a digital identity system that will be based on blockchain.

The system was called Visa B2B Connect and provided a network-based solution covering the scope of digital identity. However, the platform will be dedicated to large financial institutions for the secure processing of cross-border payments.

The main task of the system will be a kind of “tokenization” of confidential business data (such as: account numbers or bank passwords). The system will give the data a unique cryptographic identifier.

Kevin Phalen, who is the global head of Visa Business Solutions, says that B2B B2B Connect will help counter fraud and fraud:

“The digital identity of B2B Connect will minimize the chances of financial fraud and theft – mainly in the case of bank checks and electronic transfers, and at the same time will help companies to maintain compliance within the regulated financial ecosystem.”

The system will integrate Hyperledger Fabric software (hosted by the Linux Foundation and developed by IBM) with the company’s “most important resources”.

Jason Kelley, CEO of IBM Blockchain Services, believes that “the proposed system is a great example of how blockchain is changing the global payments market”.

According to the information provided by the company, B2B Connect will be officially implemented in the first quarter of 2019.

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