Visa Looks towards Blockchain Technology To Launch Payments Service
Credit card giant Visa looks towards blockchain technology as a way to facilitate an easier transfer of crypto assets according to a patent filed by four employees of Visa.
A recent patent application published last week reveals that four of Visa’s global employees of the product and business-to-business platform sector of the company have submitted a filing entitled “Methods and System for Using Digital Signatures to Create Trusted Digital Asset Services.”
The proposed invention is described as being applicable to both public and private blockchains, and hints broadly at the system being used to send digitized assets back and forth.
As the patent explains:
“Digital assets associated with a value transfer can, in some embodiments, be digitally signed by a sending entity and/or an administrative entity. The sender’s signature can indicate that the digital asset was legitimately sent by the indicated sender, and the administrator’s signature can indicate that the digital asset was approved and/or recorded by the administrator. In some embodiments, a digital signature can indicate that the digital asset has been transferred, and that the value cannot be taken back.”
Whether Visa is planning to launch a digital asset token based on the technology in the patent is not clear, but the potential is there and several big businesses are starting to see the benefit of blockchain technology.
Evidence suggests that Visa may be doing just that and considering the blockchain for its service and a possible digital asset according to Coindesk who reports that the credit card giant suggested building blockchain-based services on its payments front, and is currently working with technology start-up Chain to build a business-to-business platform set to launch later this year.