Visa Enters The $125 Trillion Global Money Transfer Market With New Blockchain Product
Summary
Visa says it’s entering a $125 trillion market and using distributed ledger technology—software where transactions must be confirmed by multiple computers on a network to be considered final—to make these payments faster, cheaper and more transparent. Visa is also making transactions faster and more transparent with its newly launched B2B Connect product, says Kevin Phalen, Visa’s global head of business solutions. Phalen’s team created Visa B2B Connect using distributed ledger technology because it provides more transparency and traceability than a typical state-of-the-art database, he says. They used Hyperledger Fabric, the blockchain software developed in part by IBM and hosted by Linux, to build it, and it has taken two years to launch. Introducing Forbes Blockchain 50: Learn about the companies investing in the tech that will speed up business processes, increase transparency and potentially save billions of dollars.