Visa adds open source Hyperledger Tech for B2B blockchain payments

Monday 29 October 2018 14:12 CET | News

Visa has announced adding open-source blockchain code from the Hyperledger Fabric prior to the launch of its own blockchain service in Q1 2019.

Organised by the Linux Foundation, the Hyperledger Fabric was initially created by IBM and US-based industry startup Digital Asset as a blockchain framework and officially launched its production-ready software, the Hyperledger Fabric 1.0, in 2017. As well as the Hyperledger Fabric’s functionality into Visa’s core assets’ will enhance and allow financial transactions on a scalable permissioned network.

Visa B2B Connect, the enterprise blockchain platform that allows cross-border payments between businesses, is collaborating with IBM to add the latter’s development of the open-source Hyperledger Fabric framework.

The service tokenizes a participant’s data such as account numbers and other sensitive information with a unique identifier to allow faster transactions liable to lessen fraud. Basically, cross-border corporate transactions sent through B2B Connect are conducted from the bank of origin directly to the receiver to at the beneficiary bank.

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Keywords: Visa, B2B Connect, B2B, blockchain, Hyperledger Fabric, open-source blockchain code, US, cross-border corporate transactions
Countries: World