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    News in brief

    Visa works on blockchain B2B payment system

    News in brief

    Visa says it is working with blockchain developer Chain to develop a near real-time transaction system for high-value international payments between participating banks. “The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses,” says Visa’s Jim McCarthy. The Visa B2B Connect system will pilot in 2017.

    Filed by Email Christopher Brown nfcworld.com Published • Last updated 21 October 2016, 15:32

    • William Hugh Murray, CISSP

      “Block chain” works well for a limited number of large transactions such as business to business, bank to bank, and business to bank. It does not work nearly so well for consumer transactions.

      However, its biggest advantage over other systems, trust that does not rely upon the identity of the counter-party, is not as applicable to B2B.

      Notice that criminals have not attacked the block chain but have successfully attacked the exchanges.

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