Visa is looking to hire blockchain engineers with expertise on Ethereum, Ripple, and Bitcoin, as recently reported by Decrypt. The global payments giant has been making significant moves in the blockchain and crypto space in preparation for digital currency ecosystems. With the latest step being an ‘alleged’ human resource expansion, could Visa scale its foothold in the blockchain-based payments niche?
This new prospective hire will join Visa’s B2B, the firm’s cross-border payments solution built on blockchain that launched back in June 2019. They will work towards adding value to this distributed ecosystem hence the requirements on some blockchain languages. The job ad highlights,
“Our ideal candidate has built and released distributed applications, has worked with the Ripple, R3, Ethereum and Bitcoin blockchain, and has experience with Solidity.”
While the requirements may signal an intention to build on a network like Ethereum, Visa is more likely to leverage the Hyperledger open-source instead. This Linux developed innovation presents ‘enterprise-grade’ solutions for corporate entities and received the backing of IBM and Intel soon after it launched in 2016. With the Hyperledger network, firms have an option to create permissioned ecosystems as a way of protecting private data while communicating within a distributed platform.
Visa’s Crypto and Blockchain Enthusiasm
This California-based payment service provider is emerging as a crypto favorite given recent milestones. For starters, the firm filed for a digital dollar patent in May as the rush for CBDC’s intensifies. According to Visa’s crypto head, the CBDC trend will probably set the stage for a digital currency ecosystem, making it essential for stakeholders to be involved in the research and development. Other than a digital dollar proposition, Visa has enabled some utilities within its cards for crypto service providers such as Binance and Plutus.
For digital business models data is the most crucial asset—this calls for increased awareness of appropriate privacy protection measures. The European Union General Data Protection Regulation is a consequence that followed the discussions and now forces organizations to ensure that their information ecosystems comply with the law. There is currently an emerging trend to apply blockchain technologies to business models that rely on data exchange, because the technology promises to make a centralized data authority redundant. We have taken this as the purpose for our efforts to provide insights that will help decision-makers select a suitable blockchain configuration that complies with data privacy regulatory requirements. By applying design science, we created a morphological box along with a grid, serving as a ‘data privacy assessment tool’ for the blockchain configuration Hyperledger Sawtooth. The research results can potentially be generalized to assess any other blockchain configuration.