Just after pulling out of Facebook’s crypto-project, Libra, Visa is building a special blockchain system called LucidiTEE
What is LucidiTE
LucidiTE is a blockchain system for orchestrating sensitive data among multiple parties. It outlines a system for sharing sensitive personal data on a blockchain, crunching that data within a trusted execution environment (TEE) and using history-based policies to ensure that each of the parties receive an output of the computation. (The system’s name is a combination of TEE and the word lucidity).
Data aggregators have become a core of the banking system because many people are using applications like budget tracker Mint, micro-investing tool Acorns and peer-to-peer payment app Venmo. San Francisco-based Plaid, the largest of these aggregators valued at around $2.56 billion, powers several personal financial apps, as well as cryptocurrency exchanges Gemini and Coinbase, to be able to access consumers’ financial data. The core of LucidiTEE is to share data between customers and financial apps. It can be a serious competitor to aggregators like Plaid, Envestnet Yodlee, Finicity. LucidiTEE can also use data to improve machine learning algorithms that can prevent frauds. Due to this project customer data will be more protected and secure, without touching multiple different companies and to allow consumers to get closer to controlling their data.
“Part of the problem with blockchain adoption is that it seeks to remove intermediaries, and while intermediaries can charge rent, they can also add value,”
Interesting fact is that LucidiTEE is not the first blockchain project by Visa. Visa was a founding member of the Libra Association until it dropped out right before the association launched. The financial services giant has also experimented with a blockchain-based business-to-business payment service originally developed alongside blockchain startup Chain. Chain objective was to perform international b2b transactions without banking network in a middle.
I hope my article about investing has shed light on your vision of Visa new project. What do you think about it? Leave your opinion in the comments below! If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.