This new network could help financial institutions share users’ personal data between banks on a large scale without the need to use third-party aggregators.
Visa, the widely used international payment network, is working to develop a blockchain system for joint computation of data on a large scale.
The research and development subsidiary of Visa, Visa Research, is focusing on security, payment innovation and data analytics. It has released a paper in which it presents a blockchain system designed for policy-compliant computing. This system is LucidiTEE dubbed, with the TEE meaning trusted execution environments.
Large Data to be Jointly Computed More Transparently
Visa aims its system at creating applications designed for processing large data and serving very high numbers of users. It doesn’t expect the users to be online, nor it anticipates how many of them would participate at computing.
LucidiTEE is meant to allow participants to compute private data jointly, which would offer more transparency and complete control. It also ensures that no other party can look at the computation results. In order for the computations to be fair and to comply with existing policies, there are protocols between a shared ledger and TEEs. The ledger is only meant for enforcing policies.
Many Players in the Industry Want to Ensure Personal Data Protection
Worries regarding the secure sharing and processing of personal data have always been expressed. Earlier in November, during the BlockShow Asia 2019, leaders in the crypto industry have announced that they’re going to create a protocol meant to ensure privacy while also respecting the rules imposed by the Financial Action Task Force. A white paper presented a protocol that lets providers of virtual trading services in many jurisdictions to make transactions without knowing details about each other, also without registering with a central authority.
Also wanting to protect personal data and anonymity, Anonymous introduced the Unknown Fund and announced that it’s going to donate $75 million worth of Bitcoin (BTC) to start-ups that are focusing on privacy protection.