Visa to develop a blockchain system for processing personal data

The research unit of the financial giant Visa will develop the LucidiTEE blockchain system for the secure exchange of personal data in a trusted environment.

The first use case for LucidiTEE will be the exchange of data between users and financial applications. The new system could threaten the market positions of such data aggregators as Plaid, Envestnet Yodlee, and Finicity.

The system will allow banks to exchange information for the purpose of training machine algorithms to track fraud and prevent user data sales to large technology companies.

However, according to Nick Thomas, co-founder of Finicity, the system proposed by Visa does not threaten the market positions of data aggregators.

“It is simple when described as an exchange of data, but when you layer on the multitude of use cases, data intelligence, variances in data, security, privacy, regulation and more, it becomes much more sophisticated,” he explained as cited by CoinDesk.

LucidiTEE is focused on the joint processing of large data sets while maintaining their privacy.

Notably, earlier Visa began recruiting employees to its Crypto Team division and promised to integrate Hyperledger Fabric technology into the B2B Connect corporate payment service.