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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now